Why The $35 Trillion In United States Retirement Accounts Should Be Spent On ...
American retirement savings represent a new beachhead for bitcoin — we just need to make sure people hold their own keys.“Many adults are struggling to save for retirement and feel that they are not on track with their savings. While preparedness for retirement increases with age, concerns about inadequate savings are still common for those near retirement age.” —Federal Reserve Website Despite the Federal Reserve’s tone-deaf admission that many Americans struggle to retire when one of the central bank’s primary mandates is price stability, as of March 2021, there were approximately $35.4....
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If approved, retirement savers can allocate 20% of their savings portfolio to Bitcoin without the need to open a crypto exchange account. The United States-based retirement plan provider Fidelity Investments will reportedly allow 401(k) retirement saving account holders to directly invest in Bitcoin (BTC).The new Bitcoin retirement investment plan would go live later this year. It will allow over 23,000 companies associated with Fidelity to administrate their retirement accounts to offer Bitcoin investment options to the customers, reported WSJ.If the proposal to allocate BTC to their....
Pension funds are looking to crypto investments despite the recent market sell-off. United States-based retirement plan provider, ForUsAll, is joining forces with Coinbase to allow clients to invest up to 5% of their portfolio assets in cryptocurrencies.The pension provider, which primarily serves small-to-medium-sized businesses, is working to offer exposure to more than 50 cryptocurrencies in a product called Alt 401(k).The firm’s co-founder and chief investment officer, David Ramirez, acknowledged concerns regarding offering crypto products in pension portfolios due to their volatility,....
Unsurprisingly, the role of crypto in retirement investment will depend on the asset class’ mainstream adoption. On March 11, the United States Department of Labor warned employers that sponsor 401(k) retirement plans to “exercise extreme care” when dealing with cryptocurrencies and other digital assets, even threatening to pay extra legal attention to retirement plans with significant crypto investments.Its rationale is familiar to any crypto investor: The risk of fraud aside, digital assets are prone to volatility and, thus, may pose risks to the retirement savings of America’s workers.....
Bitcoin IRA is the first and only Bitcoin-based Individual Retirement Account in the United States. The digital currency company allows people to invest their conventional IRAs and 401(k)s in Bitcoin. Investing in Bitcoin as part of your retirement plan has been unheard of until now. A majority of the Bitcoin community has been using the digital currency mainly as a trade instrument. Other uses of Bitcoin so far have been as a medium of value transfer and short-term investments. Breaking the trend, Bitcoin IRA is now showing the community that long-term, profitable Bitcoin investments are....
U.S. Senators requested Fidelity to explain how the firm is planning to address the risks of adding Bitcoin into retirement accounts by May 18. The United States government is growing increasingly concerned about Bitcoin (BTC) in retirement savings, with two Senators flagging some issues in Fidelity Investments’ plans to include Bitcoin (BTC) in 401(k) accounts.Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota expressed concerns over Fidelity’s decision to add BTC to its 401(k) investment plan in a letter to Fidelity CEO Abigail Johnson.Dated May 4, the letter suggests....