JAKARTA – In the midst of the frenzy of crypto investment among the global community, not a few make crypto as a short-term investment because of its price volatility. On the other hand, not a few also turn to crypto as savings for retirement in old age.
US Treasury Secretary Janet Yellen argued otherwise. He does not recommend Bitcoin as part of an investment for retirement. Yellen stated that investing in crypto was too risky.
“This (crypto) is not something I would recommend to most people who are saving for their retirement… To me this is a very risky investment,” Yellen said at an event discussing licensing crypto as an investment option.
In addition to Yellen, multinational financial services firm Fidelity warned those campaigning for crypto licensing as part of its retirement plan. Fidelity follows guidelines released by the US Department of Labor (DOL).
Ali Khawar as a representative for DOL stated that they are "very concerned about what Fidelity has done." He stressed, “cryptocurrencies can present serious risks to retirement savings.”
Yellen agrees with this view. Furthermore, the US Treasury stated "it is a reasonable thing."
The Labor Department's efforts to restrict Americans from putting crypto into pension funds have drawn the ire of some pro-cryptocurrency lawmakers. US Senator Tommy Tuberville, who disagrees with DOL, limits the types of investments investors can choose as part of their retirement savings.
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