CLC Cryptolist Club logo CLC Cryptolist Club logo
Seeking Alpha 2021-06-10 19:22:54

Crypto in a 401(k)? Plan company says its a 'proper' part of diversified portfolio

AlexSava/E+ via Getty Images Jeff Schulte, CEO of 401(k) plan provider ForUsAll, said Thursday that a new service allowing workers to invest up to 5% of their 401(k) savings in cryptocurrency will allow "proper" diversification of retirement funds. In an interview with CNBC, Schulte, who partnered with Coinbase (COIN) on the new crypto plan, argued that this kind of 401(k) investing only lets regular workers use the same techniques as larger investors. He pointed out that large investors, like fund managers and endowments like Harvard and Yale, already hold cryptocurrencies in their portfolios. The plans offered by ForUsAll would allow participants to invest up to 5% of their retirement funds in cryptos. Schulte said the program included up to 50 different tokens. Calling the turn toward Bitcoin (BTC-USD), Ethereum (ETH-USD), and other cryptos a "huge sea change," Schulte described the program as a way to inject diversification into retirement portfolios.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.