People are learning about the potential future growth of alternative currency and the unique advantages available when holding these assets in tax-advantaged retirement accounts.
Los Angeles, California (PRWEB) January 20, 2018
IRA Bitcoin LLC, a financial services company based in Calabasas, California, recently launched a new solution for investors seeking to purchase and hold cryptocurrencies, such as Bitcoin, Litecoin, Ethereum and Ripple in an Individual Retirement Account (IRA) or 401k. Leveraging strategic partnerships with highly rated IRA custodians, established cryptocurrency exchanges and secure digital wallet providers, the experienced financial advisors at IRA Bitcoin LLC have developed a simple, safe and IRS-approved process for facilitating fund transfers, executing transactions, settlement and account reporting.
Consumer interest in Bitcoin and other digital currencies has soared in 2017, as Bitcoin easily established itself as the best performing financial asset of the year, eclipsing the performance of other major indices. At the end of 2017, the Dow Jones Industrial Average finished (+25%), gold (+13%) and watched from the sidelines as Bitcoin increased by 1318% -- from a low of $766 to a high of $19,843.
“We have seen tremendous investor interest over the past several months as the dramatic rise of cryptocurrencies has generated widespread media attention,” says Travis Parker, COO of IRA Bitcoin LLC, “people are learning about the potential future growth of alternative currency and the unique advantages available when holding these assets in tax-advantaged retirement accounts.”
Cryptocurrencies, such as Bitcoin, Litecoin, Ethereum and Ripple, are designed to enable purchases, sales and other financial transactions, providing many of the same functions as long-established currencies such as the U.S. dollar, Euro or Japanese Yen, with the distinction that they do not have the backing of a government. Cryptocurrencies offer the following potential benefits and features, including: (i) the ability to make transfers without an intermediary and without geographic limitation; (ii) finality of settlement; (iii) lower transaction costs compared to other forms of payment; and (iv) the ability to publicly verify transactions. Other popular features of cryptocurrencies include personal anonymity and the absence of government regulation or oversight.
A self-directed IRA is an IRA held by a trustee or custodian that permits investment in a broader set of assets than is permitted by most IRA custodians. A self-directed 401k works in a similar way. Most IRA custodians are banks and broker-dealers that limit the holdings in IRA accounts to firm-approved stocks, bonds, mutual funds and CDs. Custodians and trustees for self-directed IRAs, however, may allow investors to invest retirement funds in other types of assets such as real estate, promissory notes, tax lien certificates, private placement securities, as well as cryptocurrency such as Bitcoin, Litecoin, Ethereum and Ripple.
“For maximum security and to allow this investment to be IRA eligible our approved IRA Custodian maintains access to the private key of your digital wallet,” says Parker, “our proprietary system allows you to cash out your positions or cross purchase other cryptocurrencies easily and securely, allowing the account to be fully managed at your discretion while simultaneously allowing the IRA custodian necessary oversight of your IRA account.”
About IRA Bitcoin LLC
IRA Bitcoin LLC, a financial services company based in Calabasas, California, specializing in IRA and 401(k) transfers into bitcoin and other cryptocurrencies. To learn more about IRA Bitcoin LLC visit https://report.irabitcoin.com or call (844) 472-2482.