You probably already knew this from friends repeatedly telling you how much they made on Bitcoin, but the total number of global crypto holders passed 100m people earlier this year.
These assets are sitting in Coinbase, Cash App, PayPal, and other digital wallets.
One place they aren’t right now:
Kingdom Trust Company — a crypto startup creating custody solutions for digital assets — is working to change that with its platform Choice, a service that provides a retirement account that can hold stocks, gold, ETFs, and…digital assets.
Launched in May 2020, the startup now has:
That year, the Internal Revenue Service (IRS) took a huge cut of your paycheck determined that Bitcoin was property, not currency. Since then, a holder of the crypto currency triggers a tax event anytime they trade or sell.
The new classification also made Bitcoin eligible for all of the tax deferment benefits an individual gets from trading within IRA (and Roth IRA) accounts… which Choice enables.
Kingdom Trust CEO Ryan Radloff tells The Hustle that the average US 401k balance has $105k+ and 0% allocated to digital assets.
Radloff believes that as digital assets become more accessible, the retirement allocation could rival that of gold.
In the meantime, Radloff is “hyper-focused” on educating Bitcoiners and other digital asset users that it’s possible to invest in a “tax-efficient way.”
(Read our full Q&A with Ryan Radloff here)