Over 7 Million Americans Own Bitcoin, But It's Not in Their Retirement Accounts

Millions of U.S. citizens own Bitcoin and retirement accounts, but none of their retirement accounts have Bitcoin in them, Cointelegraph reported.

Ryan Radloff, CEO of digital currency custody platform Kingdom Trust, recently explained that many Americans do not have Bitcoin in their retirement accounts.

“There are 7.1 million Americans who have bought bitcoin, or who have jumped into our industry and have retirement accounts, but they don’t have bitcoin in their retirement accounts,” Radloff said in a July 18 interview with Morgan Creek Digital co-founder Anthony Pompliano.

Retirement accounts allow the public to place money into long-term investment funds, with the stipulation that the funds can be withdrawn from the account only after a certain period of time - usually decades, depending on the age of the participant. This form comes with significant tax deductions and incentives.

There are various solutions that serve as gateways to investing and buying Bitcoin for retirement accounts, including Kingdom Trust. According to Radloff, people have funds in their retirement accounts that could be used to buy Bitcoin, but they are not taking action.

“If you also look at the amount of money that people have available to invest, to spend, they typically have three to four times as much in retirement accounts as they do in non-retirement accounts,” Radloff said.

Potential Bitcoin in Retirement Accounts

Radloff noted that there is a big opportunity for Bitcoin given the number of people in the industry and its use in retirement accounts.

“When I say this is the biggest opportunity for Bitcoin, especially in this stock-to-flow model that we’re looking at, what I’m looking at is 7.1 million Bitcoin investors who have three times as much investable money in retirement accounts as non-retirement accounts are not buying and holding Bitcoin,” he said.

Radloff’s comments come after crypto Twitter analyst PlanB proposed a stock-to-flow ratio for Bitcoin. The model essentially explains Bitcoin’s inevitable price rise due to its reduced mining reward payouts and limited maximum supply.