Digital Chamber of Commerce Founder and President Perianne Boring discussed the partnership between 401 (k) provider ForUsAll and Coinbase allowing workers to invest part of their contributions in cryptocurrencies on “Mornings with Maria” by FOX Business. She argued that Bitcoin is an “alternative store of value” for people who want to save for the future and that it “works”.
THE PRICE OF BITCOIN INCREASES AS OTHER CRYPTO-COINS SLIDE
PERIANNE BORING: Historically, financial advisory firms, most financial advisory firms, not all, but most have not allowed their clients to invest directly in cryptocurrencies. And furthermore, the SEC has not approved any cryptocurrency exchange traded products either. It is therefore a key partnership that is starting to open this door to this $ 22 trillion market.
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But the reason it’s really important is because of the current state of our economy. We are at historic inflation levels – where–working Americans today will save for their future? If you leave it in your bank account, you know you’re going to have 5% less. Inflation is a hidden tax.
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Bitcoin has therefore been the best performing asset in 10 of the last 12 years. It shows an average return of 200% over the past 10 years each year. And Jay Powell, the chairman of the Fed, has compared Bitcoin to gold several times during congressional testimony. These are people saving for their future, saving to buy their first home, saving to enroll their children in college. It’s an alternative store of value and it works.
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