The crypto market is trading sideways after recovering from the mid-May crash that saw most digital currencies shed approximately 50% of their value after setting new all-time highs. The recovery saw the crypto market cap breach $2 trillion for the first time in three months. However, this bullish momentum seems to have died down, bringing the capitalization to $1.92 trillion.
Due to the renewed rally, investors are once again looking to tap into the potential of digital assets such as Bitcoin (BTC), which surged as high as $47,998.10 before correcting downward to $45,428.35. However, both bearish and bullish crypto experts urge investors, especially those looking to add cryptocurrencies to their retirement accounts, to exercise caution. According to them, it is too early to store digital assets in retirement accounts.
One such expert is Tyrone Ross Jr., the CEO of Onramp Invest. While he admits to having multiple cryptocurrencies in his portfolio, Ross does not advocate adding cryptos to IRA accounts. According to him, such an investment approach is akin to removing a beautiful, exotic animal from its natural habitat and confining it in a zoo.
Ross believes that once people understand cryptocurrencies and all they can do with them, they will not dare put them in retirement accounts. He pointed out that the structure of retirement accounts would prevent individual investors from holding the private keys to their crypto holdings. As such, they would be purchasing and holding crypto without complete control over their funds.