Crypto 401(k): The risks of a crypto retirement savings plan
— 401k, Investors, Department, Way, Wont, Risks, Labor, Crypto, Retirement, Savings, Plan, Market — 1 min read
The company ForUsAll Inc. is suing the U.S. Labor Department over threats to investigate all crypto currency-friendly retirement plans. The plan is set to allow employee investors to transfer up to 5% of their nest eggs directly into more than 50 different cryptocurrencies. The Department of Labor is not so convinced about this, they even got support from President Joe Biden recently after he demanded a thorough investigation into the risks this new initiative poses. On the other hand, you got a market that can potentially make your retirement plan grow exponentially, depending on which cryptocurrencies you put your money on. Limits need to be set for all investors and paying their taxes needs to be extremely well monitored. Source