President Donald Trump signed an executive order directing the U.S. Department of Labor to review fiduciary guidance under the Employee Retirement Income Security Act (ERISA) to facilitate the inclusion of alternative assets, such as cryptocurrencies, private equity, and real estate, in 401(k) and other defined-contribution retirement plans.

This move aims to expand investment options for the roughly $12.5 trillion held in these accounts, potentially allowing mainstream savers access to digital assets like Bitcoin through vehicles such as exchange-traded funds (ETFs). The order also instructs the Labor Department to collaborate with the Treasury Department and the Securities and Exchange Commission (SEC) to assess necessary regulatory changes and clarify fiduciary responsibilities for offering these assets.

Proponents, including asset managers like BlackRock and industry leaders, argue this could enhance diversification and yield higher long-term returns, with private equity historically averaging 13% annual returns compared to the S&P 500’s 10.6% since 1990. The crypto industry, which strongly supported Trump’s 2024 campaign.

However, critics, including financial experts and Senator Elizabeth Warren, warn of significant risks due to the volatility, high fees, lack of transparency, and illiquidity of alternative assets. Private equity, for instance, often involves long lockup periods, and cryptocurrencies are known for sharp price swings, which could jeopardize retirement savings if not carefully managed.

Employers and plan sponsors remain cautious, as ERISA requires fiduciaries to prioritize employees’ best interests, and the complexity of these assets may increase litigation risks. While firms like BlackRock plan to launch 401(k) target-date funds with 5-20% private asset allocations in 2026, experts advise limiting such investments to 5-10% of portfolios.

The changes won’t take effect immediately, as federal agencies must revise rules, a process that could take months or longer. Permitting cryptocurrencies in 401(k) plans could drive significant capital into digital assets, potentially boosting prices and mainstream adoption.

Access to alternative assets like crypto, private equity, and real estate could enhance returns, as private equity has historically outperformed traditional stocks (13% vs. 10.6% annually since 1990). However, volatility and illiquidity pose risks to retirement savings.

Asset managers like BlackRock, planning 5-20% allocations to alternative assets in target-date funds by 2026, may see increased demand for crypto ETFs and other vehicles, spurring innovation in financial products. Crypto’s price swings could destabilize retirement portfolios if not capped (experts suggest 5-10% allocation limits).

Poorly timed investments may lead to significant losses for retail investors. ERISA’s strict fiduciary standards require plan sponsors to act in employees’ best interests. Offering high-risk assets like crypto could expose employers to lawsuits if investments underperform, necessitating clearer regulatory guidance.

Mainstream access to crypto via 401(k)s may encourage speculative investing among less-experienced savers, increasing the need for financial literacy programs to mitigate risky decisions. While diversification could improve long-term returns, losses from volatile assets could jeopardize retirement funds, particularly for those nearing retirement age.

The order reflects the crypto sector’s growing political clout, having backed Trump’s 2024 campaign. This could lead to further pro-crypto policies, strengthening the industry’s lobbying power. Critics like Warren may rally for counter-legislation or stricter regulations, creating political friction over retirement plan reforms.

Many plan sponsors may delay offering these assets due to legal and administrative complexities, limiting near-term adoption. While the order could democratize access to high-growth assets, it introduces significant risks and regulatory hurdles, requiring careful implementation to balance opportunity with retirement security.

Ethereum (ETH) surpassed Netflix in market capitalization, reaching $519.27 billion compared to Netflix’s $514.85 billion. This milestone, driven by significant institutional investments, particularly through spot Ethereum ETFs, reflects ETH’s growing financial influence, ranking it 25th on the global asset market cap list with a 7-day growth rate of 26.02%.

Ethereum’s ability to surpass a global entertainment giant like Netflix underscores its increasing legitimacy as a financial asset. This milestone highlights the growing acceptance of cryptocurrencies among institutional and retail investors, signaling a shift toward mainstream financial integration. It positions Ethereum as a credible alternative to traditional corporate valuations.

The surge reflects strong institutional interest, particularly through spot Ethereum ETFs, which provide regulated investment vehicles. This institutional backing enhances Ethereum’s credibility and liquidity, potentially attracting more traditional financial institutions to the crypto space.

As the backbone of decentralized finance (DeFi) and non-fungible tokens (NFTs), Ethereum’s rally often catalyzes growth in related altcoins like Polygon and Chainlink. A sustained surge could boost overall crypto market sentiment, driving investment into other blockchain projects. Conversely, a pullback might trigger selling pressure across altcoins.

Ethereum’s rising prominence may invite increased regulatory scrutiny, as governments seek to address the growing influence of digital assets. However, its technological advancements, such as Ethereum 2.0 and the Dencun upgrade, reinforce its leadership in smart contract platforms, potentially shaping future blockchain innovation.

Surpassing Netflix places Ethereum among the top global assets, rivaling major corporations. This challenges traditional valuation metrics and highlights the disruptive potential of decentralized technologies in reshaping financial hierarchies.

Despite the bullish outlook, Ethereum faces competition from other blockchains like Solana and Cardano, which offer faster transactions or lower costs. Regulatory uncertainties or macroeconomic factors, such as interest rate hikes, could also temper growth.

Drivers of Ethereum’s Price Growth and Surge

Significant institutional inflows, particularly through spot Ethereum ETFs approved by the U.S. SEC in January 2024, have driven substantial liquidity. For instance, institutional holdings increased by 30% in the first five months of 2025, with trading volume up 40% year-on-year. This reflects growing confidence from hedge funds and asset managers.

Ethereum’s transition to Proof of Stake (PoS) via the Merge in September 2022 reduced energy consumption and enhanced scalability. The Dencun upgrade in 2024 introduced proto-danksharding, lowering gas fees and improving Layer 2 solutions. These upgrades strengthen Ethereum’s appeal for developers and investors, supporting its ecosystem growth.

Increasing corporate adoption of Ethereum for treasuries, driven by its utility in DeFi and NFTs, has boosted demand. Companies are allocating ETH to their balance sheets, further reducing circulating supply and driving price appreciation. Ethereum’s exchange holdings are at an eight-year low, indicating reduced selling pressure as investors move ETH to private wallets.

Large holders (“whales”) are accumulating, signaling long-term confidence. This supply shock, coupled with staking rewards (4-5% annually), supports price growth. Bullish market sentiment, reflected in posts on X and trader forums, aligns with strong technical indicators like a V-shaped recovery pattern and a Relative Strength Index (RSI) of 70, suggesting sustained buying momentum.

High trading volumes ($148.12 billion recently) and bullish MACD crossovers further support the rally. Ethereum’s dominance in DeFi, NFTs, and decentralized applications (dApps)—with over 4,000 dApps running on its network—drives demand for ETH. The total value locked in DeFi on Ethereum is projected to reach $200 billion by 2026, up from $80 billion, reinforcing its utility.

Favorable regulatory developments in the U.S. and EU, such as the EU’s MiCA framework, provide a stable environment for investment. This clarity has encouraged institutional participation, further boosting Ethereum’s price. Ethereum’s surpassing of Netflix in market capitalization underscores its rising prominence as a global financial asset, driven by institutional adoption, technological advancements, and robust ecosystem growth.

While this milestone signals strong bullish momentum, it also raises the stakes for regulatory oversight and competition from other blockchains. Investors should monitor key resistance levels (e.g., $4,500) and macroeconomic risks while capitalizing on Ethereum’s long-term potential in DeFi, NFTs, and Web3.

Billionaire Microsoft co-founder Bill Gates says the ability to use AI tools is both “fun and empowering” and encourages Gen Z to embrace them early.

But whether that adoption will be enough to shield graduates from the pace of workplace disruption remains unclear — a disruption that Gates himself warns could lead to significant job dislocation. His stance places him among a growing list of tech leaders, including Tesla’s Elon Musk and OpenAI’s Sam Altman, who have acknowledged that AI’s rapid evolution could threaten millions of jobs worldwide.

So his advice for recent graduates is: Embrace AI tools, but don’t expect any stability when it comes to the job search.

Gates told CNN that smart systems have generally unearthed opportunities that are “fun and empowering.” However, he cautioned that this does not mean ambitious college graduates will land their dream jobs simply by using AI; the market remains challenging even for those fluent in these tools.

“Embracing [AI], and tracking it, will be very, very important,” Gates said. “That doesn’t guarantee we’re not going to have a lot of dislocation.”

He added that his advice to young people remains unchanged: “Be curious, read, and use the latest tools.”

AI has shaken up entry-level careers

Gen Z is increasingly burned out from job hunting before even getting started. Frustrated applicants have lamented on TikTok about the flood of rejection emails they have received from companies and voiced fears that the job market feels broken. Data supports their concern: Entry-level job postings in the U.S. have fallen by about 35% since January 2023, with positions most easily automated by AI seeing the steepest declines.

A recent survey found 49% of U.S. Gen Z job hunters believe AI has reduced the value of their degrees. The unemployment rate for recent college graduates climbed above 6% in the 12 months ending in May, compared to a national average of around 4%.

This shift is already visible in corporate hiring. At global investment firm Carlyle, tasks once handled by entry-level analysts, such as combing Google for articles or requesting documents, are now performed by AI. The firm has shifted toward hiring junior-level staff who can verify and refine machine-generated work.

Some CEOs have altered their approach entirely. Bill Balderaz, CEO of Columbus-based consulting firm Futurety, told the Wall Street Journal he chose not to hire a summer intern this year, running social media copy through ChatGPT instead.

How Gen Z is positioning itself

For many entering the workforce, the job market is evolving. Much like investors gravitate toward Treasury bonds during economic uncertainty, younger workers are increasingly turning toward blue-collar jobs and roles grounded in human connection, creativity, and physical skill — sectors that are harder to automate.

A recent survey of 1,000 Gen Z workers showed 53% are now gravitating toward skilled trades such as construction, plumbing, and electrical work. Elevator installation jobs, for example, can pay six figures without requiring a college degree. Other sought-after fields include healthcare, education, and social work.

Not the first technological disruption

Gates’ comments echo earlier periods of technological upheaval. In the 1980s, the personal computer revolution created excitement but also anxiety as clerical and administrative roles began to vanish. In the 1990s, the internet brought unprecedented connectivity — and the rapid collapse of entire job categories, from travel agents to print media staff. Similarly, the early 2000s saw automation in manufacturing displace millions of factory jobs worldwide.

In each case, new industries emerged, but the transition was rarely smooth, especially for young job seekers entering the market during these shifts. Gates’ emphasis on curiosity and adaptability reflects lessons from those eras: those who adopted new tools early often navigated the changes more successfully, but not without volatility and career detours.

Now, with AI accelerating at a pace even faster than those previous revolutions, the challenge for Gen Z is to find roles where human skills remain irreplaceable — and to adapt quickly as those boundaries shift.