Adding Crypto to Your Retirement Planning Is Easier Than You Might Think
Get tax breaks on any crypto earnings with a Bitcoin IRA account.
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A decade ago, cryptocurrencies were considered too risky for mainstream investors. But of course, as any entrepreneur will tell you, there is no innovation without risk. And because a small group of believers was willing to take a risk, today cryptocurrencies are mainstream. While you probably can't walk into a grocery store and buy milk and eggs with crypto, you can get crypto credit cards, crypto savings accounts, and even a tax-free crypto IRA thanks to innovators like Bitcoin IRA.
Why would you want a crypto IRA? Crypto is the alternative asset class of the 21st century. The price of Bitcoin has skyrocketed from $745 five years ago to $60,000 today, which is an increase of 7,953 percent. Coinbase, the world's biggest cryptocurrency exchange, is now a publicly-traded company valued at almost $100 billion. El Salvador recently became the first country in the world to adopt Bitcoin as legal tender, and some experts think Brazil could be next. Meanwhile, 70 percent of U.S.-based institutional investors currently invest in or plan to invest in crypto soon. And the world crypto market is now worth over $2 trillion.
Of course, there is still a lot of volatility in the crypto marketplace, so nobody is recommending that investors place all their eggs in this basket. But some eggs? Crypto has proved to be a good way for investors to hedge against inflation, and a lot of experts think it will soon replace gold as the number one hedge asset.
So, if you want to start adding crypto to your investment portfolio, one of the smartest ways to do it is with Bitcoin IRA.
What is Bitcoin IRA?
A Bitcoin IRA account lets you earmark cryptocurrency holdings as retirement savings, realizing the same tax breaks on any potential growth that you would get on traditional investments. So if you invest in a coin that skyrockets in value, all those profits will be tax-free.
As you would expect, a Bitcoin IRA follows a lot of the same rules as a regular IRA. That means there are early withdrawal fees if you want to cash out before you turn 59-1/2. It also means that you can only deposit "earned income" into your crypto IRA, so you can't just transfer in your existing crypto holdings.
However, when you open a Bitcoin IRA account, you do get a few breaks that you don't get with traditional IRAs. For example, traditional IRAs usually cap contributions at about $6,000 per year. But with a Bitcoin IRA account, there is no yearly investment cap. Also, just because you can't transfer your existing crypto holdings into your Bitcoin IRA doesn't mean you have to start entirely from scratch. With a Bitcoin IRA account, you can transfer any existing retirement savings accounts into your crypto IRA without any penalties or fees.
Bitcoin IRA for all your crypto needs.
Bitcoin IRA is a full-service crypto trading and investing platform. When you sign up, you get access to a team of experts who can help you set up and fund your account. Whether that means transferring funds from an existing IRA or your regular checking account, the Bitcoin IRA customer service team will request you and complete the transaction.
Once you're all set up, you can perform your own trades 24 hours a day, seven days a week, through Bitcoin IRA's intuitive, beginner-friendly online platform. All of your digital assets are stored in your secure BitGo Wallet, which features 256 bit SSL encryption, offline cold storage, and up to $100 million in insurance.
No investment is ever a sure thing. However, as we've seen time and again over the last few years, if you invest wisely in crypto, it can make you a lot of money.
If making money sounds good to you, but paying half of it back in taxes does not, then opening a Bitcoin IRA account today might be perfect for you.