Wait– I’m not sure I understand your question.
First, of course, if you bought this fund inside your IRA, there is absolutely no capital gains tax involved. And you should definitely reinvest your dividends and gains distributions.
Second, who complains about a $70,000 capital gain? Yes, you’ll have to pay taxes on the distributions along the way (no matter what you do with them) — and also when you sell your fund shares.
But taxes are the price you pay for being successful!