American investment and consulting company Digital Asset Investment Management (DAiM) will launch the first Bitcoin-backed retirement program.
DAiM will act as a consultant and trustee to assist organizations wishing to participate in a 401 (k) retirement plan. Employers will be able to offer their employees a retirement program with the ability to invest up to 10% of funds in bitcoin and traditional assets.
The program will be available next year. By consulting with DAiM, people will be able to gain wider access to bitcoins, and if they change jobs, they will be able to transfer these “retirement bitcoins.” Firms willing to switch their employees to a plan with Bitcoin access must apply by mid-December 2020.
DAiM added that having received approval from California regulators in June 2018, the firm is seeing strong interest among ordinary people in investing in bitcoin under the 401 (k) program. Usually, retirement plans have many restrictions and do not involve investment. Many depositors remain disappointed as this brings low returns, which are subsequently “eaten away” by inflation. The digital assets of DAiM clients will be held in the Gemini Trust, a regulated custody service owned by the Winklevoss brothers.
“Bitcoin has earned a place in today’s investment portfolio. People should be able to build up their capital from scratch and invest directly through their retirement account, “- said the leadership of Digital Asset Investment Management.
Earlier, Ryan Radloff, head of the custodian service Kingdom Trust , said that within three years, US pension funds will start investing in bitcoin. Morgan Creek Digital Assests founder Anthony Pompliano is also of the opinion that every retirement fund that cares about the future of their clients should invest in the first cryptocurrency.