Millennials are Adding Crypto to Their Retirement Funds, But They Could Lose it All if the Market Sours. Two Experts Break Down How to Get the Returns, But Without the Risks From Digital AssetsMarch 28, 2021
Cryptocurrencies are more than just a way to make a quick profit for a growing number of millennials who are looking to add the likes of bitcoin to their retirement portfolios, so they can continue to reap the benefits of this asset class long after today’s meme-like hype has faded.
“We’re not selling bitcoin through retirement accounts, we’re selling retirement accounts to bitcoiners,” Ryan Radloff, chief executive office of Kingdom Trust, told Insider.
Radloff, who helped found Coinshares, one of the world’s largest digital asset managers, said he saw a gap in the market for the 7.1 million bitcoin owners.
“My co-founders who started CoinShares over in Europe, we understand exactly where our market is … So effectively, I think a lot of it is just telling them that “Guys, hey, I’ve been with you since 2012 before bitcoin was a hundred dollars. Guess what? There’s a tax-efficient way of doing this, that isn’t Grayscale now. Now, you can literally hold your own keys in a retirement account.”
Even though bitcoin is one of the best performing assets of the last year, with a gain of almost 300%, its luster has faded lately. Concern about the environmental impact of the mining process, along with growing regulatory scrutiny saw bitcoin drop below $30,000 at one point this week, effectively wiping out all its year-to-date gains.