Bitcoin price surged to $116,850 on Thursday, marking an over 2% increase, after reports emerged that President Donald Trump plans to sign an executive order allowing crypto and other alternative assets in 401(k) retirement accounts, potentially unlocking a massive new pool of institutional capital for Bitcoin.

The executive order, expected to be signed on Thursday, will direct the Labor Department to reevaluate existing guidance around alternative investments in retirement plans governed by the Employee Retirement Income Security Act of 1974 (ERISA). The move could give Americans greater access to Bitcoin and crypto through their retirement savings accounts, which currently hold…

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