Holding Bitcoins In A Retirement Account: In The USA Started Talking About Such An Opportunity
If Americans can store traditional assets in their retirement accounts,
If Americans can store traditional assets in their retirement accounts, why not try this function for Bitcoins? This issue is of interest not only to crypto enthusiasts but also to some depository banks. What are the chances of the implementation of the initiative to store Bitcoins in retirement accounts shortly?
Is it possible to store Bitcoins in a retirement account?
Recently, depository banks in the United States have been actively considering storing bitcoins in a retirement account. Ryan Radloff, CEO of Kingdom Trust, was one of the first to talk about this customer service. He convinces that most Americans are digital currency-friendly, so the idea of accumulating cryptocurrency along with traditional currency in a retirement account will be received positively. Radloff noted:
“More than 7 million American citizens own cryptocurrency. But they do not have the opportunity to keep them in a retirement account and, accordingly, receive good dividends from this. “
Retirement accounts in America serve as a financial cushion for many citizens and allow them to earn passively in the long run. The owner of the retirement account gets the right to access his money after a certain time. It is a prime example of a working model of passive income: every year owner receives a certain percentage of income from the amount stored in the retirement account. The functioning of this pension model is one of the reasons why the culture of investment in America is developed at a higher level than in many European countries.
How can retirement account holders benefit from storing Bitcoin there?
Radloff convinces that the introduction of the option of storing bitcoins in a retirement account could revolutionize the traditional banking system. According to him, after the massive introduction of this service by depositary banks, many Americans may refuse to buy shares or options, because Bitcoin is an excellent alternative to them.
At Kingdom Trust Bank, customers already can store bitcoins in their retirement accounts. This service launched just a few months ago, and Radloff convinces that the increase in the number will serve as an impetus for the launch of this option in other large banks.
Also, the CEO of Kingdom Trust noted that the concept of limited emission of Bitcoin can bring high profits for those who join the storage of cryptocurrency in a pension fund shortly. Radloff came to this conclusion after cryptanalyst PlanB called Bitcoin “the financial asset with colossal prospects.” Given the rise in the price of Bitcoin after previous halvings, in percentage terms, Bitcoin holders can receive more dividends than from traditional deposits.