With the value of Bitcoin reaching new heights, the world has been steering towards the incorporation of the asset into the global financial scene. While Bitcoin has been widely accepted as a store of value asset as opposed to a payment method, individuals have been steering toward adopting the King coin as part of their retirement plans. A US-based company seems to have successfully launched a platform that ids people’s retirement plans via crypto.
A Retirement Plan That Supports Bitcoin [BTC]
A recent announcement made by the Digital Asset Investment Management aka DAiM, a United Sttaes-based company revealed that it would aid companies in formulating a 401[k] plan. This plan would reportedly roll out numerous recommended model portfolios that support Bitcoin [BTC]. DAiM would act as both the fiduciary as well as the advisor for the companies that opt-in. DAiM’s latest move makes it the first licensed platform to do so.
DAiM would design plans that would include diversifying risk to traditional assets along with the allocation of about 10% to Bitcoin. Speaking about the same, the COO of DAiM, Adam Pokornicky reminisced the course of the platform. He said,
“From the moment we were approved by the State of California in June 2018, we’ve seen incredible inbound demand from individuals eager to invest Bitcoin in 401(k)s. Conventional 401(k) plans are restrictive and often lack investment options, causing participants to not only be frustrated but have poor risk-adjusted returns that barely keep up with the rate of inflation. This is a bad deal for savers given the current environment.”
He pointed out that Bitcoin had transpired to be a promising asset that would allow individuals to invest directly in their retirement account. The Bitcoin will reportedly be stored in the Gemini Trust in its cold storage. The retirement plans will be put in place by mid-December and companies that are interested to explore the plans are required to apply at “https://www.daim.io/Bitcoin401k” or by emailing “[email protected]”
While several platforms venture into the industry, the price of Bitcoin was seen surging. At the time of writing, BTC was surging by over 4% with its price at $18,282.84. Speculations about the king coin pushing past $20K were going about in full swing.