Lots of people now want to start a Bitcoin IRA because of the tremendous increase in value that cryptocurrencies experienced during 2017. Doing so, as most financial experts agree, is actually a very good idea. After all, diversification is key to a strong investment portfolio. That being said, it is important that you know what you’re doing and that starts with picking the right type of IRA.
How to Start a Bitcoin IRA
The IRS has not explicitly forbidden investing in cryptocurrencies as part of individual retirement accounts (IRAs). In fact, the only things they do explicitly prohibit are collectables and life insurance. However, just because something is allowed doesn’t mean every custodian or IRA provider also offers it. That is because most IRA providers offer “captive accounts” only, which means they have a set of asset classes on offer that you can choose from, and you cannot … Read the rest