Having come on the heels of a Department of Labor warning about using crypto currency in retirement accounts, Fidelity's April announcement that it intended to do just that struck some industry observers as odd – or at least as strange timing. The massive drop in crypto valuation a month later further stirred opinions across the industry.
“I think the key is now the appetite on crypto has obviously shifted, especially when it comes to risk appetite,” said Tony Dhanjal, head of tax at Koinly, a London-based crypto tracking and tax reporting service. “I don't think there was much appetite for it prior to this bear run. And I think it's even less right now. And from a government point of view, my thought is we should not be allowed to put crypto into 401(k) plans, or pension schemes, just yet until regulations are enforced.”
For some insurers and fund managers, crypto potentially exacerbates and already burgeoning legal liability problem for retirement plan sponsors.
“At a time when...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...