Cryptocurrency IRA’s and 401ks
Investors can now start to buy Bitcoin easily with higher volumes of fiat through traditional IRA accounts thanks to Regal Asset Firm. In the United States investors can purchase more than 30 different cryptocurrencies within the brokerage account. The cryptocurrency will be enabled through Coinbase and will have significantly less fees since the accounts can yield higher investments. UK firm Lloyds of London will be protecting investments made within the brokerage account with a $200,000,000 insurance plan. IRA accounts are set up for the individual investor to make their own decisions on portfolio allocations and individual currencies purchased, however Regal Asset Firm will have account managers that can help advise different financial plans.
Regal Asset Firm will also allow investors to purchase the same 30 cryptocurrencies in a 401k brokerage account, which allows employers to match employee investment contributions. So now companies will be able to select this 401k plan and help their employees invest in cryptocurrency safely and securely. The account is set in place to be easy to use and extremely transparent, so that anyone with access to it will be able to invest and will not have to worry about holding private keys and routinely upkeeping top cryptocurrency security measures.
What does this mean for the market?
Before purchasing Bitcoin and other cryptocurrencies through brokerage accounts, normal investors would need to use a platform like Coinbase to buy smaller amounts of cryptocurrency. For a typical investor, a fully verified account would allow you to purchase around $25,000 in cryptocurrencies at a given time and be subject to high fees. However, with the release of the IRA and 401k accounts, investors will be able to invest more money and pay substantially less in fees. When starting out an investor can choose to create a new account or roll over an existing account which would land them access to more capital to invest in cryptocurrencies. This new service in the cryptocurrency market brings a lot of hope to investors as it will open the door for much larger purchases and will allow regular people to buy cryptocurrency and feel safe about it. Before, investors needed to have a basic understanding of cryptocurrency security, which scared many people away as learning about private keys and cold storage can be a confusing process. However, with the IRA and 401k accounts investors can feel safe using the traditional system to buy the new digital money of the world.