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BTC retirement plans

Digital Asset Investment Management (DAiM), a US-based asset manager, has launched the first-ever employer-sponsored retirement plans that support BTC investment. A press release unveiled this news on November 19, noting that the retirement plans are fully compliant with ERISA. Per the publication, DAiM will act as the plan fiduciary and will be responsible for choosing, managing, monitoring, and benchmarking investment offerings.

Explaining why DAiM decided to introduce BTC-supported retirement plans, DAiM’s COO, Adam Pokornicky said,

“From the moment we were approved by the State of California in June 2018, we’ve seen incredible inbound demand from individuals eager to invest Bitcoin in 401(k)s. Conventional 401(k) plans are restrictive and often lack investment options, causing participants to not only be frustrated but have poor risk-adjusted returns that barely keep up with the rate of inflation. This is a bad deal for savers given the current environment. We believe Bitcoin has demonstrated it has a place in the modern portfolio and individuals should have an opportunity to “Get Off Zero” and invest directly through their retirement account.”

Pokornicky added that DAiM completed the first-employer 401(k) plan in October last year. Since then, the company has been testing this service, a move that allowed it to roll out scalable plans, which provide recordkeeping and administrative fees. He went on to note that the firm takes pride in pioneering regulated investment management services for BTC and that it is excited in offering its fiduciary abilities to provide access to BTC in 401(k) plans.

How the plan works

According to the press release, DAiM will act as an advisor and fiduciary to the plan. In so doing, it will help its clients develop 401(k) plans that provide several endorsed model portfolios

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currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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