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Title: BTC as IRA Post by: cappy176 on June 10, 2018, 01:21:51 AM So I heard you can now make BTC your IRA I was wondering if anyone has any experience doing this or how one would do this?
Title: Re: BTC as IRA Post by: MintDiceSupport on June 11, 2018, 07:17:06 PM Yes, but you'll need to find an IRA custodian that will accept. That said, forget about the big players like Fidelity. Search online, there's one called BitIRA (but be mindful of fees). Also, keep in mind you will need to open what is called a "self-directed" account. There's more info for you in the following article: https://www.cnbc.com/2018/03/05/people-are-putting-bitcoin-into-their-retirement-savings-.html
Hope this helps! Title: Re: BTC as IRA Post by: Awesomus Maximus on June 12, 2018, 12:31:46 PM Self-directed IRA accounts allow including a category called alternative investments (one of which are the cryptocurrencies) and bitcoin is probably the best and most promising long term investment there is.
Source: https://www.newsbtc.com/2018/01/31/bitcoin-part-ira/ Title: Re: BTC as IRA Post by: Intensity on June 12, 2018, 03:15:47 PM Yes, but you'll need to find an IRA custodian that will accept. That said, forget about the big players like Fidelity. Search online, there's one called BitIRA (but be mindful of fees). Also, keep in mind you will need to open what is called a "self-directed" account. There's more info for you in the following article: https://www.cnbc.com/2018/03/05/people-are-putting-bitcoin-into-their-retirement-savings-.html Hope this helps! You have an option with Fidelity to trade the stock GBTC (Bitcoin Investment Trust). Over Christmas, I was able to make a nice profit into my ROTH IRA holding GBTC over the four day holiday weekend. That being said, the stock trades at a high premium and a long term hold might not be the best option. One thing to note, earlier this year the stock split making it a lot more affordable for the average person to buy. Prior to the split, the stock was trading at $1600-$2200 a share. Title: Re: BTC as IRA Post by: ikilledcobain on June 12, 2018, 06:53:57 PM Oddly enough, I got a call from BitcoinIRA today as a follow up for an informational call I made. The website is scarce on details, but there's an initial fee as well as a maintenance fee (custodian and security fee). The rep told me they're running a special until the 22nd where the initial investment can be as low as $5,000. I don't see that on their website, so that might have just been trying to get me to bite.
It's tempting, but I think I'm more likely to just put money for retirement towards my own crypto purchases and keep in a ledger hardware wallet. Title: Re: BTC as IRA Post by: cappy176 on June 16, 2018, 08:49:57 AM Wow thanks guys this was all the info I was looking for (wasn't sure I was going to get a reply as I checked the post last week and no one replied), I will look into all this later when I get some more spare time thanks though much appreciated :)
Title: Re: BTC as IRA Post by: Cannda on July 15, 2018, 01:58:55 PM There is a way to handle this you can hold your own private keys and pay minimum fees. It’s called a checkbook controlled self directed IRA I am in the process of creating one now. Look for IRA custodians that handles real estate transactions.
Mine was only a 50.00 account processing fee and 300.00 annually. Some custodians will create the ein,llc and do all paperwork for 1500 to 3000. I did mine myself. And used my Roth IRA funds. I looked into this about a year ago and all I found was those bitcoinira types of sites. They had too many fees and they controlled the private keys. This was a better option for me. I may want to do real estate in my ira at some point or become a hard money lender. The self directed Roth is very flexible. |