Recent news in the cryptocurrency world has seen former US presidential candidate Ron Paul give his backing to a company offering Bitcoin-based retirement investments. Still a high profile name, Paul's backing for this type of investment activity has caused quite a stir in financial circles.
Paul endorses Goldco subsidiary
Following his comments that were positive in terms of contacting the cryptocurrency company that he had been hired by, it was reported that the company itself was an off-shoot of Goldco. Traditionally, Goldco is an organisation that offers IRAs based on traditional precious metals, so this is an interesting move by them into the cryptocurrency market.
In his comments, Ron Paul also spoke of his excitement around Bitcoin and the options it opens up for people in terms of currency competition along with investment opportunities for retirement.
Bitcoin-based retirement accounts not new
The ability to invest money via Bitcoin-based retirement accounts is not a recent development. Many companies already offer customers the chance to purchase Bitcoin as an investment for the future via a digital IRA or 401K account. The most eye-catching company of this kind is Californian based Bitcoin IRA, who reportedly raised $2 million in five months after its launch!
Digital IRAs work like traditional retirement investment accounts, but deal in digital currencies such as Bitcoin or Ethereum. With the increased popularity of Bitcoin and the whole cryptocurrency sector in general, this way of investing for your future could eventually become the norm.
A new way to invest for your future
It is thought that many millennials are opting to go down this route, rather than for more traditional investment opportunities as in the past. Although there are naturally risks involved as there are in any investment opportunity, the chance to diversify into new markets is one that many 20-somethings are prepared to do.