One of the US's asset management companies, Digital Asset Investment Management, DIAM, now has a retirement plan supporting BTC investment.
DAIM made this announcement on the 19th of November and is now creating portfolio models to have digital assets for the firm's employees.
The crypto plan that the company is having is not going against the employee's retirement income security act of 1974, so they will start taking action as early as 2021. Most US citizens can now include cryptocurrency as a digital asset in their retirement account and brokerage accounts since the IRS has started demanding digital assets two years ago.
Major updates
- Any BTC investment by employees will be held in cold storage by Gemini trust
- The update would allow DAIM to pay employees who have left the company to other companies.
- Most US citizens can now include cryptocurrency as a digital asset in their retirement account.
Pokornicky, the company's chief operating officer, made it clear that it has been impossible for them to have Bitcoin in the company base before now. But now, everything is working in a better direction.
The significant difference is that an old 401k plan can be converted into the IRA, and employees can now invest in Bitcoin while working at the company.
The COO of DIAM also said that the typical wealth industries are not taking the swift move to see what a Bitcoin is bringing, and it shows that the sector is quite reluctant to adopt crypto compliances before DIAM made a move.
What do you think about this new development? Share your thoughts in the comments.
