Bitcoin and other cryptocurrencies were rallying on Friday after an executive order from President Donald Trump gave the digital-asset sector a boost. The world’s largest token was up 1.4% to $116,605 over the past 24 hours, according to CoinDesk data. It’s now trading about 5% off the record high it hit in mid-July.

The 401 (k) market totaled $8.7 trillion in assets in the first quarter of 2025, according to the Investment Company Institute. “This move effectively opens access to Bitcoin and other cryptocurrencies for retirement investors,” said James Butterfill, head of research at CoinShares, another crypto asset manager.

Changes under his executive order would not be immediate. Federal agencies would first need to rewrite rules and regulations to allow the expanded choices.