Can I buy bitcoin from my 401(k)?

Could you elaborate on the feasibility of purchasing Bitcoin using funds from a 401(k) retirement account? I'm curious about the legal implications, potential tax consequences, and any regulatory hurdles one might encounter in such a transaction. Is it a commonly practiced investment strategy? If not, why is that? And are there any alternative avenues for investors looking to diversify their portfolios with cryptocurrencies? I'd appreciate a detailed explanation of the considerations one should make before pursuing such an investment path.