Galaxy Digital CEO Mike Novogratz says an executive order that President Trump is expected to sign as soon as today will bring a massive pool of capital to Bitcoin and crypto assets.
A senior White House official says the executive order will instruct the U.S. Secretary of Labor to reassess rules and allow 401(k) plans and other retirement accounts to hold crypto assets, reports CNBC.
In an interview, Novogratz says the change is a major step forward for the industry.
“Trump last night came out and talked about crypto assets being eligible for 401(k)s. I mean that’s a monster pool of capital.
And what we’re just seeing is through these treasury companies, through all kinds of different avenues, the aperture of being able to buy crypto being widened and widened and widened, more avenues bringing people into the tent.”
According to the Investment Company Institute, Americans held $12.2 trillion in all employer-based retirement plans as of March 31st, with about $8.7 trillion in 401(k) plans.
News of the incoming executive order has triggered a rise in the price of Bitcoin.
At time of publishing, BTC is priced at $116,420, up 1.61% in the last 24 hours.
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