TL;DR Breakdown:
- Bitcoin IRA recorded about $500 million from its crypto retirement account offering alone.
- This shows a growing level of confidence for cryptos in the long term.
Bitcoin (BTC) and cryptocurrency in general, are growing so popular as a worthwhile asset. Besides purchasing and holding digital currencies from exchanges, many people are also investing in cryptos for their retirement. This is evident as Bitcoin IRA, the leading crypto-friendly IRA investment platform, posted a substantial amount of crypto transactions it processed so far. The development somewhat demonstrates the level of confidence people have in cryptos in the long-term.
Bitcoin IRA records $500 million in cryptos
The leading IRA platform allows customers the option to invest in Bitcoin and other popularly-traded digital currencies such as Ether, Litecoin, Ripple, Bitcoin Cash, Zcash, and many more. The company announced today that it had processed about $500 million via crypto retirement accounts alone. Bitcoin IRA said about 50,000 account holders are invested in digital assets right on its proprietary retirement platform.
Bitcoin IRA added that the growth relates to the fact that the customers own real cryptocurrencies; not like investing in derivatives, exchange-traded funds, or any crypto fund. Additionally, these crypto are secured with a leading digital assets custodian, BitGo. Noteworthily, the assets from Bitcoin IRA are insured with $100 million of coverage from BitGo, according to the report.
Are cryptos worth investing in for retirement?
At first, it’s worth noting that digital currencies are also a risky asset to invest in, just like other investment vehicles. Thus, holding them in the short term might not certainly deliver profits as expected, as prices are more bound to fluctuate. However, investing in cryptos for the long term is more likely to deliver, as the price of popular cryptos surpasses a certain range with every proceeding year.
Bitcoin is a typical example. The cryptocurrency is up by more than 170 percent since this year. At the time of writing, BTC is trading at $23,297 on Coinmarketcap. It’s also safe to point out that this isn’t financial advice, you should invest responsibly on assets you have a strong level of confidence in.
