Trump Greenlights Bitcoin In $40 Trillion 401(k)s: Peter Schiff Calls It A 'Gamble' With Retirement Savings — What Others Said

President Donald Trump signed executive orders on Thursday allowing cryptocurrency investments in 401(k) retirement plans, potentially opening $40 trillion in retirement savings to digital assets like Bitcoin (CRYPTO: BTC).

White House Crypto Czar Praises Banking Protection

White House AI and crypto czar David Sacks announced on X that Trump signed two executive orders benefiting the crypto community. The “Guaranteeing Fair Banking for All Americans” order prevents denial of banking services based on political beliefs or lawful business practices.

“This means unfair censorship campaigns, like the debanking of conservatives or Operation Chokepoint 2.0, can never happen again,” Sacks wrote.

The second order, “Democratizing Access to Alternative Assets for 401(k) Investors,” will allow more than 90 million American workers access to the same alternative assets available to government workers.

Congressional Leaders Hail ‘Historic’ Crypto Access

Sen. Cynthia Lummis (R-Wyo.) called Thursday “a historic day for digital assets,” stating millions of Americans can now secure their financial futures by including digital assets in their 401(k)s.

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Industry Experts Tout Market Opportunity

Anthony Pompliano, founder of Professional Capital Management, said that the move opens massive new capital flows to crypto markets.

“Bitcoin is coming to your retirement account and there is nothing the critics can do to stop it. $40+ trillion is 10x the size of the entire crypto market — Game on!” Pompliano wrote on X.

The crypto market capitalization jumped 3.27% to $3.87 trillion following the announcement. Bitcoin gained 1.91% to $116,791, while Ethereum (CRYPTO: ETH) surged 6.71% to $3,905.

Economist Warns of Retirement Gambling Risk

Economist Peter Schiff criticized the move, warning it could worsen retirement savings shortfalls.

“Most Americans have saved far less than needed to have any hope of retirement. By allowing Americans to gamble what little retirement savings they have in their 401(k)s on Bitcoin and other cryptos, Trump just made this problem much worse!” Schiff wrote on X.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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