Chamber of Digital Commerce founder and President Perianne Boring discussed the partnership between 401(k) provider ForUsAll and Coinbase allowing workers to invest some of their contributions into cryptocurrencies on FOX Business’ "Mornings with Maria." She argued that Bitcoin is an "alternative store of value" for people who want to save for the future and it's "working."
PERIANNE BORING: Historically financial advisory firms, most financial advisory firms, not all, but most have not allow their clients to invest directly in cryptocurrencies. And further, the S.E.C. also has not approved any cryptocurrency exchange-traded products. So this is a key partnership that starts to open that door into that $22 trillion market.
But the reason why this is really important is because of the current state of our economy. We're at historic levels of inflation -- where do hard-working Americans go today to save for their futures? If you leave it in your bank account, you know you're going to have 5% less. Inflation is a hidden tax.
So Bitcoin has been the best performing asset 10 out of the past 12 years. It averages a 200% return over the past 10 years each year. And Jay Powell, the chairman of the Fed, has likened Bitcoin to gold in multiple times over congressional testimonies. This is about people who are saving for their futures, saving to buy their first home, saving to put their children through college. This is an alternative store of value and it’s working.
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