Kingdom Trust, a South Dakota-based financial manager that manages more than $ 13 billion in assets, has set up a retirement savings account that supports older, alternative, and cryptocurrency assets.
The “Choice” account is opened after the acquisition of Choice Holdings, a retirement savings account created by CoinShares with a focus on digital assets.
Kingdom Trust already supports more than 100,000 retirement savings accounts and the safekeeping of more than 20,000 assets, including Bitcoin (BTC).
To promote registration, the Kingdom Trust awards BTC of $ 62.50 to the first 1,000 Choice account holders.
The custodian opens a crypto-friendly pension account
Speaking to Cointelegraph, Ryan Radloff, founder and CEO of CoinShares and CEO of Kingdom Trust, estimates that there are 7.1 million Bitcoin holders in the United States.
“According to our estimates, there are 7.1 million Americans who own Bitcoin, have a retirement account, but are currently unable to keep Bitcoin with their other assets on their retirement account,” said Radloff.
“What we are doing is that we are now opening up the opportunity not only to exchange Bitcoin, but also to do it with digital assets or inherited assets like your stocks and bonds from one account [de retiro]””he added.
Bitcoin can be kept in retirement accounts
Radloff said the Choice product was motivated by a desire to give people the opportunity to invest their retirement accounts in alternative assets and cryptocurrency investments so that people could break out of the Fed’s “rat trap.”
“If the IRS [Servicio de Impuestos Internos] Deciding to tax Bitcoin accordingly allowed Bitcoin to be held by the IRS and other qualified custodian banks regulated by the IRS and its government departments. […] This is allowed directly [Bitcoin] was managed by qualified custodian banks and in retirement accounts ”said.
“Most Bitcoin members don’t even know that they can still keep Bitcoin in their retirement accounts.”
“At the moment, most of these Americans’ retirement accounts are with a bank that tells them Bitcoin is too risky and at the same time forces them to own only stocks or mutual funds.” Radloff continued.
“I’m angry about it, so we have to do something about it where you can have Bitcoin or stocks and bonds in an account for the first time so that these banks don’t just force us to stay in the Federal Reserve rat trap . “