Is a ban on Retirees Cypto Account a fair deal?

[gunhell16]

New York Attorney General Letitia James in the bid to protect retirees from the dangers of investing in Crypto currencies, digital assets, digital tokens and digital coins has egged on  Congress to pass a law prohibiting crypto investments in retirement accounts.

Her point of concern is on the Individual retirement accounts(IRAs) and defined contribution plans, like 410(K0 plans and 457 plans for government workers, which has been the investment option for millions of Hardworking Americans after retirement. She sighted the recent development in financial institution where Bitcoin became an investment option in 410(k) plans, and other financial institutions expected to follow suit. With the recent downtimes in the crypto market and the market turbulence, Attorney General James  emphasised on the protection of workers' retirement funds and save them from the risk associated with cryptocurrencies.

Most of this retirees know absolutely nothing about how this digital assets work. The just trust this investment plans to make the right decision for them. Attorney General James is only been protective of her citizens to save them from the downtimes because the only depend on pensions for survival as such risking them on assets the can't control themselves can result to sudden death and heart failures. Because they will have to wait till the market becomes favourable to start making profit on their investments.

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As far as I can see, Attorney Letitia James has good intentions for retired people, she just doesn't want the pension amount to go to nothing in other cryptocurrencies that can destroy their money, this is my understanding.

But for retirees who have the knowledge, it may not be right to prevent them from investing in cryptocurrency or bitcoin if they have a deep idea of ​​Bitcoin or cryptocurrency. But I do not oppose these concerns of Letitia James.

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[Mario Yamasaki]

I think this is unfair, let the retirement put money in Cryptocurrencies investment, if lucky then they can become millionaires, when there are limits for investment, of course this is felt unfair so that we are worth rejecting ideas like this, and Cryptocurrencies investment of course there is an opportunity for loss or Fortunately depends on the situation in the market.

[Oilacris]

I think this is unfair, let the retirement put money in Cryptocurrencies investment, if lucky then they can become millionaires, when there are limits for investment, of course this is felt unfair so that we are worth rejecting ideas like this, and Cryptocurrencies investment of course there is an opportunity for loss or Fortunately depends on the situation in the market.

They do deserve those retirement funds or money and it is really just right that they would be the ones to decide on what would be they doing into their funds.It is really just that government

do really love to have that involvement on how people on their control will really be spending up their funds.its not bad to have that in concern but totally trying out to hold into their neck most of the time.

Crypto investment doesnt assure or make sure that they would become millionaires but something that not bad an option if they would tend to invest on for their future
grandsons or family because they are old and its not really that important for them to mind much on keeping on more money.

[Darker45]

Retirement funds are probably more delicate than others. They're not to be played with. I guess its risk tolerance should be set at a low level. I'm not very familiar with how retirement funds are usually invested, but if investing them could mean the loss of the only financial source for the survival of retirees, I guess I'd rather keep them away from very volatile assets as Bitcoin.

However, citing the case of FTX and Ontario as a solid reinforcement for this is probably wrong. It's not that it is very risky to bet on Bitcoin using retirement funds, it is almost a suicide to expose retirement funds to the likes of FTX and Celsius and others. If it's Bitcoin as in Bitcoin, meaning, without all the third parties and centralized platforms, it could have been avoided.

[19Nov16]

In my opinion the main factor is considered is the number of scam cases, things that are dangerous if a retirement is hit by a scam so that he loses money and cannot make money anymore, with the money that is there then it is considered sufficient without having to take risks with investment in cryptocurrencies, let's think positively by taking and think from a good side.

[kryptqnick]

Banning is too strict, given that over time, Bitcoin does seem to grow in value, and there is no better long-term asset in terms of profits so far, which is very good for a retirement account. However, normally retirement plans should be about low-risk investments as far as I know, and Bitcoin isn't one of those. I think a better solution would be to oblige those retirement funds that invest in cryptos to do that only if a retiree agrees to it, and require performing an act of orally informing a retiree (and making it written in bold and with a big font in some sort of form one would have to sign) of the risk and high volatility of the asset.