U.S.-based asset manager, Digital Asset Investment Management (DAiM), has launched the country’s first employer-sponsored 401(k) retirement plans supporting Bitcoin.
The BTC will be held in cold storage by Gemini Trust, allowing DAiM to transfer Bitcoin to former-employees who have left participating companies.
While U.S. citizens have been able to include crypto assets in their individual retirement accounts, 401(k) rollovers, and brokerage accounts since the Internal Revenue Service began taxing Bitcoin in 2018, DAiM COO Adam Pokornicky told Cointelegraph that, “It’s been impossible to offer Bitcoin inside actually company-based plans until now.”
“The difference is, you can take an old 401k plan and convert it to an IRA when you leave a job or employer to invest in Bitcoin, but it’s never been possible to invest in Bitcoin while working at a company without taking a penalty or quitting your job until now.”
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