The Return of Mr. Bitcoin
Last year, Mr. Bitcoin met with the RPAG Investment committee to better understand the strategy and see if advisors should recommend it for their plan sponsor clients. The committee came to the conclusion that Bitcoin's price is volatile, and its carbon footprint is similar to Portugal's. The cryptocurrency competitive landscape is highly crowded. Bitcoin has no intrinsic value because it was not backed by any assets and produced no revenues, cash flow, dividends, or interest payments. Which differ from the qualities the RPAG Investment committee looks for in retirement investment options. View last year's meeting here.
Mr. Bitcoin agreed to meet with the team once more to help solidify the appropriateness of bitcoin in retirement plans and the RPAG Investment committee's stance on cryptocurrencies. This year, RPAG brought in an ERISA attorney to see this from a different perspective. Luckily, we were able to record the meeting. Watch how the meeting unfolded below.
*Please note, Mr. Bitcoin is not a real person and this entire video is satire and was put together for the 2022 RPAG National Conference. Disclaimer: This article is for financial professional use only. Not for plan sponsor or participant use.