Miami mayor wants to add Bitcoin to 401k retirement savings as a part of their advanced Bitcoin city. He recently announced the same, with the idea that Bitcoin is an excellent investment to have in the retirement fund. In fact, Suarez thinks that the asset will surely appreciate over time, and he believes in it. Do note that this is his personal choice which is why the whole things need to be evaluated before going ahead.
Mayor Suarez on Bitcoin
Miami is already a very advanced city in terms of the adoption of Bitcoin. The confidence that Suarez has in Bitcoin is based on the fact that it is open source and can’t be manipulated. Yes, market manipulations can happen by whales, but the core remains intact. In fact, this is the reason he has started accepting his salary in Bitcoin to show that he supports it.
The city has also enabled fee payments using Bitcoin for the residents of the city. All this shows that he is driving adoption and believes in Bitcoin as an asset. Heck, the city is even giving Bitcoin yield dividends to the city residents. Hence, the mayor is planning to add it to the 401k retirement savings.
The 401k retirement plan
It is one of the most famous retirements options in the US. In this, one can invest a part of their salary up to an annual limit and get it invested in a specific choice of mutual funds or assets. They also get tax benefits for investing in this plan. So, we can easily say that the 401k plan reaches most of the working US population. This is why adding Bitcoin to this could be something other states draw inspiration from.
Do note that only a part of it will be in Bitcoin because of the risks and volatility involved. One would not obviously want that people don’t get their retirement fund because we are in a bear market. But still, having a small part will bring in much better returns.
What are your thoughts as the Miami mayor wants to add Bitcoin to the 401k retirement savings plan? And do you think this will help them get better returns? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Bitcoin Core developer Samuel Dobson steps down.