Cryptocurrency

Janet Yellen Says Holding Bitcoin for Retirement Is Very Risky

With congress potentially to regulate.

Cryptocurrency

Janet Yellen Says Holding Bitcoin for Retirement Is Very Risky

With congress potentially to regulate.

At a New York Times event, Treasury Secretary Janet Yellen said that she believes Bitcoin (BTC) is a “very risky” asset to include in a retirement portfolio. She also hinted at the idea of Congress regulating what types of assets should be allowed in such portfolios.

“It’s not something that I would recommend to most people who are saving for their retirement. To me it’s a very risky investment.”

Yellen also says that while she does believe that it would be reasonable for Congress to play a role in the regulation of what assets are allowed in retirement portfolios like 401(k)s — it is not yet a formal recommendation and purely opinion.

The discussion of BTC as a retirement asset was in response to the recently launched BTC 401(k) offering by Fidelity in partnership with Michael Saylor’s Micro Strategy.

The offering became available due to increased demand from the public for digital asset exposure.  According to a study done by Fidelity, 30% of US institutional investors surveyed would prefer to buy an investment product containing digital assets. The study also highlighted that roughly 80 million US individual investors currently own or have invested in digital currencies — nearly a quarter of the US population.

In other Crypto news, Jay-Z and Jack Dorsey launch The Bitcoin Academy in Brooklyn.

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