It offers most major cryptocurrencies for retirement accounts, including bitcoin, ether, cardano and litecoin. Since Bitcoin is a more than tangible digital asset, cryptocurrency IRAs require specialized management, greater protection of sensitive data, and deep experience in cryptocurrency trading. Chris Kline, co-founder and chief operating officer of Bitcoin IRA, launched the service at a time when holding bitcoin and other cryptocurrencies in a retirement investment account sounded like a really far-fetched idea. Bitcoin IRA firms also allow account holders to freely trade cryptocurrencies on their platforms and offer secure online or offsite storage for their clients' digital assets.
Many Bitcoin IRA providers, including Regal Assets, allow cryptocurrency enthusiasts to also invest in precious metals using the same IRA. Since Bitcoin and other cryptocurrencies are not backed by any bank or hard assets, a cyber hacker could wipe out an entire Bitcoin IRA. Because the IRS considers Bitcoin ownership and taxes it as stocks and bonds, account holders need a custodian to manage their IRA. What helped Bitcoin IRA move forward were its first customers, who saw the promise of bitcoin and other cryptocurrencies and had a deep understanding of the financial world.
Although investors can manage their IRA investments on their own, they must do so through a company that offers a custody service (here are five of the top Bitcoin IRA companies reviewed). A 'Bitcoin IRA' is the name given to SDIRAs that allow you to invest in Bitcoin and other cryptos. BitIra offers Bitcoin IRAs with dollar-for-dollar insurance coverage for digital assets and true offline cold storage of private keys, placing it in the top position as the best in security. Bitcoin IRAs like the one offered by Regal Assets, for example, encourage you to HODL with their cryptocurrencies (which stands for “Hold On for Dear Life”).
Chris Kline launched Bitcoin IRA at a time when holding bitcoin and other cryptocurrencies in a retirement investment account sounded like a really far-fetched idea. Bitcoin IRA supports trading more than 60 types of cryptocurrencies, including Bitcoin, Ethereum, Cardano and Litecoin. Although the company's site only includes 22 supported cryptocurrencies, including Bitcoin, Ethereum, Ripple and Litecoin, it allows its customers to invest in almost any cryptocurrency they want. The main advantage of Bitcoin IRAs is that they add diversification to retirement portfolios to mitigate risk and maximize potential returns.