30s Summary

Cryptocurrency company Meanwhile is offering life insurance policies that operate entirely through Bitcoin. Described by company executive Danny Baer on ‘The Agenda’ podcast, the policy lets you pay in Bitcoin and, upon death, pays out in Bitcoin. It also provides significant tax benefits, including the ability to borrow against the policy without any tax implications as Bitcoin’s value grows. The value of the payout could also potentially be much higher in the future if Bitcoin’s value rises over time.

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Cryptocurrency is really taking off, and Bitcoin is still at the forefront. This is clear from the recent surge in enthusiasm for things like exchange-traded funds, Bitcoin’s role in decentralized finance, and the rise of Bitcoin ordinals.

Interesting uses for Bitcoin keep cropping up. One of the coolest ones so far might just be its use in the life insurance industry. Repping this new wave is a company called Meanwhile, who are dubbing themselves the first to offer life insurance that’s entirely in Bitcoin, cool right?

In a recent episode of the podcast, ‘The Agenda’, the hosts spoke with Danny Baer (who’s a big shot at Meanwhile) to get the lowdown on how life insurance in Bitcoin works, and guess what? It even comes with some pretty cool tax benefits if you’re holding onto Bitcoin for the long haul.

But what exactly is Bitcoin life insurance? Baer explains it as simply a life insurance policy that operates completely through Bitcoin, no dollar amounts, just Bitcoin. You pay in Bitcoin, when you die, your policy pays out to those you leave behind in Bitcoin.

Say you’ve got a policy of 10 BTC, that’d roughly be around $720,000 – but, if Bitcoin keeps rising as it has been, the future value in US dollars could be crazy high.

Tax-wise, it’s got a bunch of benefits too. One of the big ones being that you can borrow against your policy without any tax implications. As Bitcoin’s value grows, you’ve got more to borrow against, which means more Bitcoin. And because everything’s in Bitcoin, you can get, kind of like, a ‘new’ Bitcoin with a new cost basis.

To get more info on this new Bitcoin life insurance idea, you can check out the full podcast episode where Baer chats more about how Meanwhile works with their customers’ Bitcoin, how payouts happen, and where the rules and regulations fit in.

Source: Cointelegraph