‘Historic Milestone’—Bitcoin Is Poised For $800 Billion Buying Frenzy As Ethereum, BNB, XRP, Solana, Cardano, And Dogecoin Prices Plateau

After a choppy start to the week, bitcoin and other major cryptocurrencies plateaued.

Today the bitcoin price is up a couple of basis points. Ether

ETH
eum’s price is up 1.3%, BNB

BNB
3.7%, and dogecoin 1%. Cardano

ADA
dipped 0.2% from yesterday, terra 3.2%, XRP

XRP
1.2%, solana 1.6%.

Meanwhile, crypto king bitcoin’s passed what many call a “historic milestone”. For the first time, investors will be able to invest a portion of their 401(k) funds in the crypto. This comes after Fidelity, the world’s third-largest asset manager, announced that it will offer bitcoin in its retirement accounts.

On Tuesday, Fidelity said that the crypto is coming online in 401(k)s by mid-2022. And it will be available to over 23,000 employers who hold their retirement accounts with Fidelity.

[Ed note: Investing in crypto is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

This makes Fidelity the first asset manager to offer crypto for retirement savings – the latest indicator that crypto is going mainstream. Fidelity is the largest 401(k) provider managing over $4 trillion in assets—one-fifth of which will be available for crypto.

That means bitcoin may be in for an $800 billion buying frenzy this year.

Zooming out

Not long ago, investors dismissed bitcoin as the biggest Ponzi scheme in history. Today many fund managers embrace the crypto as an attractive alternative asset, the likes of Tesla

TSLA
hold it on their balance sheets, and, as we’ve just learned, it’s coming to retirement accounts.

Still, bitcoin has yet to answer what kind of investment it is. Is it a tech-oriented, speculative investment? Or is it a digital safe haven against fiat depreciation, as in gold 2.0?

Traditionally, gold has been viewed as a monetary safe haven. Now, in the midst of growing interest in…