Bitcoin Could Be 'Great' Investment for IRA or 401K Plans
Retirement accounts offer tax-free crypto investing forever and provide an effective way to lower overall portfolio risk, said ForUsAll CEO David Ramirez.
Apr 26, 2023 at 11:29 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/3QYSSZNGJ5G53OOSIVIPCD6GHY.jpg)
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AUSTIN, Texas — David Ramirez, CEO of 401(k) provider ForUsAll, said Wednesday at the Consensus 2023 Festival that an individual retirement account (IRA) or a 401(k) are a "great place" to invest in bitcoin (BTC).
Ramirez, who shared the stage with John Haar, managing director of private client services at Swan Bitcoin, stated two reasons for putting BTC into retirement accounts such as an IRA and 401(k).
The first was "tax-free crypto investing forever with Roth dollars," stated Ramirez, referring to Roth IRAs, but "more than that it can be an effective way of lowering overall portfolio risk" because IRAs are tax-deferred, which allows people to have "better writeouts" for market highs and lows.
Ramirez indicated that confidence in Social Security to provide capital for retirement is low. "It's our responsibility to save for our retirement. We ought to have the freedom of choice to invest how we see fit to get there," he added.
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Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.