Investors are adding cryptocurrency to their retirement portfolios at record levels as Bitcoin soars above $11,000. That’s according to Chris Kline, CEO of Bitcoin IRA, the largest bitcoin retirement platform.
Speaking to CCN, Kline said his firm has seen more interest and activity in the last six weeks than in over a year.
“Trading volumes on our IRA platform are at all-time highs and we expect this to continue increasing now that Bitcoin has broken the $10,000 mark again.”
Bitcoin IRA partners with BitGo to custody retirement accounts
The news comes as Bitcoin IRA, which provides a self-directed cryptocurrency IRA service, upgrades its retirement platform. The firm has partnered with BitGo Trust to offer secure custody and up to $100 million insurance coverage.
Bitcoin IRA clients will now have their digital assets stored with Bitcoin Trust in a move that will improve security and reduce fees. In a press release, Kline said:
“Our partnership with BitGo Trust provides our clients with faster account funding, lower fees, as well as significantly increased insurance protections.”
Bitcoin for retirement: the ultimate hodl?
Investors are increasingly seeing bitcoin and other digital assets as a viable long-term investment. As Grayscale revealed in a recent research report, a portfolio with just a 1 percent allocation to digital assets outperformed a traditional 60/40 portfolio by 20 percent since 2013.
Even established market traders outside the crypto ecosystem now advocate a small allocation of bitcoin in a rounded portfolio.
“Usually in a portfolio, gold is about 5-10% of the portfolio so there’s nothing wrong with saying bitcoin couldn’t be 5-10% of a portfolio right now.” – Equity Armor Investment’s Brian Sutland.
As Kline explained to CCN, “Crypto’s growth potential makes it a great long-term investment in a retirement account.”
Bitcoin custody a crucial step for adoption
Secure custody of digital assets is vital for the next stage of bitcoin adoption. Many institutional investors are reluctant to hold digital assets directly, given the risk and complexity of doing so in large volumes.
Bitcoin IRA’s partnership with a qualified custodian BitGo will encourage yet more long-term investors to shift retirement funds into bitcoin.