Categories: CryptocurrencyFinance

Millions of Bitcoin owners not using BTC for retirement strategy

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Millions of Americans possess Bitcoin but very few actually have BTC as a component of their retirement account.

This cryptocurrency revelation about Bitcoin being part of the retirement plan was revealed by Kingdom Trust CEO Ryan Radloff in a recent interview with Anthony Pompliano, the co-founder of Morgan Creek Digital.

No Bitcoin for retirement

Retirement accounts are an important facet of creating a robust financial portfolio for one’s retirement. Such accounts allow individuals to put money into a long-term investment fund. The caveat is that such money cannot be taken out of the account until a certain time passes.

The benefits of a retirement account are that it comes with tax breaks. However, a person usually has to wait years, if not decades, in order to remove the money without paying a financial penalty.

Radloff told Pompliano that many Americans are not using Bitcoin as part of a retirement strategy in regard to such accounts. He says, “There’s 7.1 million Americans that have already made the leap to buy Bitcoin or take the dive into our industry so to speak, and have a retirement account, but don’t have Bitcoin in their retirement account.”

He went on to say that people have the money to buy Bitcoin, but they are not doing so. He states, “If you also look at people’s investible, discretionary money, they usually have three to four times more investible discretionary money in their retirement accounts than they do in their non-retirement accounts.”

Radloff says people are missing an opportunity when it comes to Bitcoin for retirement purposes. He says, “When I say this is the biggest opportunity for Bitcoin, especially in this kind of stock-to-flow model that we look at, I’m looking at 7.1 million Bitcoiners that have three times more investible money in their retirement accounts that aren’t using their retirement accounts to HODL.”

Retirement issues

While Radloff bemoans the fact that owners of cryptocurrency are not using it in their retirement plans, the reality is that many Americans are not saving for their golden years.

A study by Northwestern Mutual found that one in three Americans have less than US$5,000 [AUS7,000] saved up for retirement. A full 21% of Americans have no funds saved up for retirement at all.

In addition, many Americans who have a matching 401K offer from their employer fail to take advantage of it. A whopping total of US$24 billion [AUS$33.59 billion] is left on the table every single year, with an average employee missing out on US$1,336 [AUS$1,869] in free money that could have gone to their retirement fund.

Featured image courtesy of WorldSpectrum/Pixabay

Jeff Francis

Jeff has taken a roundabout way to becoming a cryptocurrency writer. He has always had a huge interest in history, which led to him receiving a degree in medieval history. He once thought of becoming a teacher but eventually joined some friends in opening a hobby shop. Jeff eventually took over sole proprietorship of the business and ran it for over 10 years. He then moved on to online selling and then into gaming journalism. He has spent the last 10 years writing professionally for various websites as well as creating content for many businesses. A few years back, he began hearing about Bitcoin and the rise of other cryptocurrencies. A proponent of allowing people to take economic power into their own hands, Jeff has enthusiastically supported cryptocurrencies, not to mention the many benefits of blockchain technology. This interest propelled him to becoming a writer for, and later editor of, several cryptocurrency-focused websites. Jeff is a lifelong geek and gamer. He tries to keep up with the slew of TV shows and movies that fall into the fantasy/sci-fi/superhero genres, and he still plays pen-and-paper role-playing games on the weekends. He lives in Florida, USA, as he cannot stand cold weather.

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Jeff Francis

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