The Bitcoin IRA, an IRS-sanctioned retirement account, has added bitcoin cash, ethereum, and litecoin to its list of tokens for investments. The company is based out of Los Angeles, and focuses on helping people open cryptocurrency-focused retirement funds.
The Chief Operations Officer of the company, Chris Kline, commented on the power of this technology to push society into the future. He mentioned that bitcoin is what provides all these other altcoins with value. In this sense, they are starting to see widespread appeal. It makes the value proposition for altcoins and bitcoin cash higher for investment opportunities.
Kline said, “The value of cryptocurrencies goes beyond the price of each coin, it’s really the underlying technology that’s going to revolutionize in financial system.
In all, Bitcoin IRA provides 6 digital assets for their retirement accounts. A Finance Magnates article provided further information. “Bitcoin IRA now offers six coins for investment: Bitcoin, Ethereum, Ethereum Classic, XRP, Litecoin and Bitcoin Cash – and individuals can rollover retirement funds into whole coins or into a percentage of each.”
Each of the coins will also be held in multi-signature Bitgo wallets while they are associated with customers names and accounts. The company will keep the keys in cold storage. This news comes as all digital tokens continue to grow despite market shakedowns and scares initiated by Chinese regulators.
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IRAs can be accessed by the US government. They can (if they really wanted) seize the assets within the IRA. It kind of defeats the purpose of the decentralized currency part of cryptos.
Retirement accounts are a great place to purchase crypto, either pre-tax (on Uncle Sam's dime) or with Roth money for completely tax-free growth.
But the way to do it is with checkbook-control IRA-LLC or Checkbook Solo 401K. I got into this with a company called ReSure Financial. Their IRA and 401K platform is at https://www.401kcheckbook.com/.
They're not the only ones so do you research. The approach costs a whole lot less than using a designated BitcoinIRA. Plan to write a post about this, but it definitely is the way to go.