Fidelity is the first major provider toallow bitcoin investments in its 401(k) accounts.
Regulators have been critical of includingcryptocurrencyin retirement funds.
This week, Khawar commented directly on Fidelity’s decision.
“We have grave concerns with what Fidelity has done,” KhawartoldThe Wall Street Journal.
“For the average American, the need for retirement savings in their old age is significant.
We are not talking about millionaires and billionaires that have a ton of other assets to draw down.”
In spite of those remarks from Gray, however, the warning from regulators underscoresbitcoin’s sharp volatility.
The move to include bitcoin in 401(k) plans is Fidelity’s latest foray into cryptocurrency.
Last year, it alsopurchased a 7.4% stakein one of the largest bitcoin mining operations in the US.
Read more:Biden Directs Feds to Regulate Cryptocurrency and Consider ‘Digital Dollar’
