Fidelity Now Allowing Bitcoins In IRAs
We are sure this will all end well... but as Marketwatch reports, Fidelity has partnered with SecondMarket’s Bitcoin Investment Trust to allow its clients to save for their retirement by putting the virtual currency in self-directed IRAs.
“If you are a Fidelity client, you can now invest in the Bitcoin Investment Trust through an IRA,” said Barry Silbert, chief executive of SecondMarket, in an interview.
MarketWatch previously reported that SecondMarket had teamed up with self-directed IRA providers PENSCO, Entrust and Equity Institutional to allow investors to save for retirement with bitcoin.
Fidelity is the largest and most well-known company that SecondMarket has teamed up with for this, Silbert said, adding that he hopes to add a few more providers soon.
How long until other larger pension funds demand access (via mandate changes) to the cryto-currency? This evening's comments from CALSTRS CIO:
- *CALSTRS: `WE ARE UNDERFUNDED' SO NEED CONTRIBUTIONS, RETURNS
- *CALSTRS: TARGETS 7.5% RETURN ANNUALLY OVER 10-YEAR PERIOD
Implies he needs to be "saving" to fund his liabilities in more than simple old stocks...
Is Bitcoin the great white hope for the nation's under-funded pension schemes?
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