On Friday (June 11), Perianne Boring, the founder and president of the Chamber of Digital Commerce, talked about the importance of Bitcoin for tax-deferred and tax-exempt retirement accounts. 401(k) and Roth 401(k) plans are popular examples of these two types of retirements accounts in the U.S.
The Chamber of Digital Commerce is “the world’s leading trade association representing the digital asset and blockchain industry.” Its mission is “to promote the acceptance and use of digital assets and blockchain-based technologies.”
As Coindesk reported on Thursday (June 10), “clients of 401(k) provider ForUsAll will be able to invest part of their retirement plans in cryptocurrency as a result of a new partnership with Coinbase.” The report, which used an article by “The Wall Street Journal”, went on to say that “workers in plans administered by ForUsAll will have the option to invest up to 5% of their contributions in crypto,” with Coinbase managing “trading and custody of the crypto through its institutional unit.”
And this is why the Chamber of Digital Commerce President was invited to appear on American business news channel “Fox Business” for an interview on “Mornings with Maria” (which features anchor Maria Bartiromo).
When Bartiromo asked her what she thinks about the idea of U.S. tax payers putting Bitcoin into their 401(k) plans, Boring replied:
“Well, this is important for two reasons.
“The first is that the retirement account market is roughly $22 trillion. We’re talking about a very large market, and historically financial advisory firms, most financial advisory firms, not all but most, have not allowed their clients to invest directly in cryptocurrencies, and further the SEC also has not approved any cryptocurrency exchange-traded products.
“This is a key partnership that starts to open that door into that $22 trillion market, but the reason why this is really important is because of the current state of our economy. We are at historic levels of inflation. Where do hard-working Americans go today to save for their futures? if you leave it in in your bank account, you know you’re gonna have five percent less — inflation is a hidden tax. Bitcoin has been the best-performing asset ten out of the past twelve years. It averages a 200% return over the past ten years.
“Jay Powell, the chairman of the Fed, has likened Bitcoin to gold multiple times over congressional testimonies. This is about people who are saving for their futures, saving to buy their first home, saving to put their children through college. This is an alternative store value and it’s working.“
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
