According to Labor Secretary Chavez-DeRemer, this move returns investment decisions to fiduciaries instead of bureaucrats. The US Labor Department has officially rescinded guidance issued during the Biden administration that limited the inclusion of cryptocurrency in 401(k) retirement plans. On May 28, the Labor Department revoked a 2022 guidance that had urged fiduciaries to be “extremely cautious” when considering cryptocurrency for 401(k) retirement plans. The move could give asset managers more flexibility to include digital assets in retirement investment options. The government agency removed the guidance asserting that it represented a departure from the department’s “historically neutral, principled-based approach to fiduciary investment decisions.” Read more
A unique Bitcoin price model forecasts a $220,000 to $330,000 peak before the end of 2025. Key takeaways: Bitcoin researcher Sminston With says BTC could gain 100% to 200%, with a cycle peak between $220,000 to $330,000. Bitcoin continues to exhibit strong cyclical volatility, contradicting the belief that its price swings are softening over time. Read more