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A bitcoin IRA is a self-directed individual retirement account allowed to hold cryptocurrencies. They have high fees but allow tax-advantaged profits. ....
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Bitcoin IRA drawbacks include high fees and the responsibility of managing your own account. Not a day goes by without bitcoin being in the news. And given the cryptocurrency s phenomenal price rise, from zero to approximately $32,000 in a little over a decade, you - like many other individual investors - may be tempted to buy in. But how? Actually, you can invest in finance s newest asset via one of its most familiar vehicles: the IRA. Yes, you can buy bitcoin for a good old individual retirement account. Cue the excitement? Maybe. In many ways, bitcoin investments are well-suited to an IRA. But, as with any investment strategy, there are pros and cons to consider. ....
This is still a young field, and information on a firm may be hard to come by. Frankly, some are little more than sales platforms. So, no matter which custodian you re considering, be sure to do your due diligence on it. Visit its website or call its customer service line to confirm and compare its fee structure, operations. Ask how your bitcoins will be stored, exactly, and about security procedures and measures you don t want your account holdings vulnerable to hackers. Why invest in a bitcoin IRA? There are plenty of positives to consider with bitcoin IRAs. Portfolio diversification. Bitcoin tends to be a great diversifier for your financial assets, Bogner explains. Holding a bit of bitcoin can be a good way to own something that doesn t move exactly like the rest of your investments move, she says. It could also be a hedge against inflation as the dollar s value against some other currencies has declined. ....