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Crypto prices saw an uplift on Thursday, rallying ahead of the expected signing of an executive order by US president Donald Trump, which would allow 401k pension plans to include so-called alternative assets such as bitcoin (BTC-USD). 

Bitcoin headed 1.7% higher on Thursday afternoon, to trade above the $116,000 mark. In recent weeks bitcoin has exceeded the $122,000 mark, pushing to all-time highs as the US allows crypto-friendly policies into law. 

Ethereum (ETH-USD), the second largest asset by market cap, also gained more than 6%, sitting around the $3,830 mark. 

Trump's executive order, expected to be signed around 12:00 pm ET on Thursday, according to Reuters, will direct the Securities and Exchange Commission (SEC) to facilitate the use of alternative assets in 401k plans and other retirement accounts.

The order would mark a major shift in retirement investments, opening up the traditionally staid industry to more speculative and sometimes illiquid investments. Typically, most 401k participants are offered a mix of stock or bond funds or index products in which to invest.

Investment firms have put their weight behind the move, too. Both BlackRock (BLK) and KKR (KKR) have endorsed opening up the multitrillion-dollar retirement industry. 

"Private assets like real estate and infrastructure can lift returns and protect investors during market downturns," BlackRock chairman Larry Fink wrote in his latest annual investor letter.

"We need to make it clear: Private assets are legal in retirement accounts. They're beneficial. And they're becoming increasingly transparent."