BitIRA, West Point Partner on Machine Learning Research
Tell you what really knocked my socks off, though. He found no correlation between income and a digital IRA investment.
BURBANK, Calif. (PRWEB)
June 2, 2021
BitIRA has partnered with the United States Military Academy at West Point to help students apply their systems engineering skills to study real-world issues. Under the auspices of BitIRA U (the company’s open technology education mission), two West Point cadets participating in the Advanced Individual Academic Development internship were given access to anonymized data from BitIRA to use in their research.
This is not as unlikely a partnership as you might think.
When you need a hill or a logistics train from a unraveled field army, you want a West Point graduate. The United States Military Academy at West Point, founded in 1802 as the nation’s first military academy, has trained leaders on and off the battlefield including Dwight D. Eisenhower, Douglas MacArthur, Buzz Aldrin, Norman Schwarzkopf and David Petraeus.
When you want to diversify your retirement savings with a bitcoin IRA, you want BitIRA, the pioneer of the first insured cold storage solution for cryptocurrency retirement accounts.
Jeremy Warner, Head of Sales at BitIRA, said: “BitIRA U has always aimed to demystify cryptocurrencies. Cadets A. Place and M. Raftery focused on issues that we believe would help shed light on some of the forces we see at work in the digital IRA market.
Warner thought for a moment and added, “I knew those were good questions. When I told my team about it, they had no idea what to expect. We wanted to know as much as the students.
Cadet Aidan Place wanted to know how diversity affects asset diversification. In his own words, “I set out to figure out how different people invest differently. To me, “different” people mean different races, ages, genders, places, etc. Investing differently could mean investing in different vehicles.
In order to answer this question, Cadet Place needed a dataset that contained information not only on the purchases and holdings of investors, but on them as individuals. After reviewing the data available from a number of partners, Cadet Place chose to work with BitIRA.
And now to those startling conclusions … Cadet Place expected BitIRA’s data to match their expectations after reviewing published research on the topic: Average cryptocurrency investors are “young, single, white males.” .
“Honestly, I think he was a little disappointed with that conclusion,” Warner said. “He had the clever idea of rolling the numbers back, analyzing sales performance outside of that stereotypical demographic and, of course, it held up.”
But the project was not without strengths. Cadet Place explained that “race wasn’t necessarily a huge predictor of whether someone was buying cryptocurrency, something that surprised me.” So apparently we can cross “white” off the average customer’s list of adjectives.
When asked if the discovery of Cadet Place surprised Warner, he shook his head. “I know anecdotes are not data,” he said, “but my team told me that before. Tell you what really knocked my socks off, though. He found no correlation between income and a digital IRA investment.
Perhaps this means that, regardless of income level, an aggressive investor recognizes a high growth opportunity? This is not the question Cadet Place attempted to answer, although its surprising conclusion raises the question.
How Does Media Sentiment Influence Digital IRA Purchases?
Cadet Raftery investigated whether media coverage of the cryptocurrency influenced new and existing BitIRA customers. Using the TensorFlow machine learning platform, Cadet Raftery used a natural language processing script to analyze the day’s headlines for cryptocurrency-related keywords along with their sentiment, positive or negative.
Then she compared her findings to BitIRA’s surveys and sales figures. Although she was unable to demonstrate a mathematical correlation between the two data sets, she observed that “we were able to monitor and assess trends in verbiage and general sentiment of article titles.”
Warner explained his own take on Cadet Raftery’s research: “Media coverage and sentiment absolutely play a huge role in this area. Probably less now than in 2017, as cryptocurrencies become more common and Goldman Sachs calls crypto an investable asset class. Megan, however, had an extremely aggressive lens, measuring a correlation between general media coverage and our clients. It’s courageous.
BitIRA U: educate, personalize, demystify and satisfy
Since opening in 2017, BitIRA has participated in an extensive awareness campaign through its BitIRA U division. For Warner, education is by far the most important aspect of the company’s work.
“I tell my team every day, ‘We don’t sell people anything. You are not a salesperson. You are a teacher. You educate customers on their options, and then, if they decide an option is right for their plan, you help them. And that’s all we really do, ”Warner said.
Among other educational content, BitIRA also offers a comprehensive crypto taxes page, a directory of CPA advisors from across the country who know about crypto taxes, and an exclusive guide to crypto taxes. BitIRA U has a number of explainers on topics such as crypto custody, how digital currencies work, and even a crypto and blockchain resource for teachers.
Because education is a fundamental aspect of their business model, Warner says BitIRA will continue to partner with researchers. “I’m already anticipating what types of questions the West Point class of 2022 will bring to the table,” Warner said. “I can’t wait to see what we learn together! “
Based in Burbank, California, BitIRA is a leading specialist in setting up and managing cryptocurrency holdings in self-directed IRAs. Founded by members of the Birch Gold Group team with extensive IRA experience in precious metals, the company was created on the belief that Americans should have easier access to the wide range of conventional assets and alternatives available to hold in their tax-advantaged retirement accounts. In addition to making it easier to set up and manage digital currency IRAs, BitIRA advocates for public awareness of the investment options available.
For more information on BitIRA or to sign up for a digital currency IRA, visit https://www.bitira.com.