President Trump plans to sign an executive order allowing alternative assets, including cryptocurrencies, in employee retirement accounts. Following the announcement, Bitcoin's value increased to over $116,000 while Ethereum rose to approximately $3,800. The overall cryptocurrency market increased to a total of $3.9 trillion. The executive order instructs the Labor Department to reassess guidelines for fund managers concerning the materials allowed in 401(k) plans. Significant market analysts expect that this order will bolster long-term demand for Bitcoin and other digital assets, leading to potential future increases in their valuations.
"This is yet another channel of sustained, long-term demand for Bitcoin that will bid the price higher," Ryan Rasmussen, head of research at the crypto asset management firm Bitwise, told Fortune.
Trump's new executive order will also instruct the Labor Department to work with other regulators, including the Treasury as well as the Securities and Exchange Commission, to align rules across multiple agencies regarding alternative assets' inclusion into retirement plans.
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