Bitcoin IRA

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company

Bitcoin IRA is an American company that combines various cryptocurrencies with Individual retirement accounts.

Contrary to some reports, no investment - including the Bitcoin IRA[1][2] - is approved by the IRS as an IRA investment. The ability to buy Bitcoin in an IRA is supported, but not directly endorsed, through a 2014 IRS ruling[3] that clarified the tax treatment for Bitcoins as non-currency personal property which is similar to stocks, and presumably compatible with IRA's.

History

Bitcoin IRA is a privately held company founded in 2015 in Sherman Oaks, California. At first, the company solely offered Bitcoin as an investment option for IRA retirement accounts.[no citations needed here]

In an interview with CNBC, Chief Operations Officer, Chris Kline stated that in its first year, the company averaged a million dollars of monthly inflows.[4]

Late 2018, the company launched Self-Trader which enables customers to buy, sell and swap cryptocurrencies directly inside their retirement accounts, 24 hours a day, 7 days a week. Multiple coins can be purchased at once to provide an easier experience for customers.[5]

Security

Bitcoin IRA uses only BitGo as its cryptocurrency wallet and security provider for cryptocurrency retirement assets.[6] Bitcoin IRA then requires government issued identification and voice verification to transfer funds.[7][8]

References

  1. "The IRS NEVER Approves IRA Investments". SelfDirected.org. https://selfdirected.org/irs-never-approves-ira-investments. Retrieved 9 October 2017. 
  2. "An Important Message for Taxpayers with IRAs The IRS Does Not Approve IRA Investments". Internal Revenue Service. https://www.irs.gov/pub/irs-pdf/p3125.pdf. Retrieved 9 October 2017. 
  3. "IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply". Internal Revenue Service. https://www.irs.gov/newsroom/irs-virtual-currency-guidance. Retrieved 9 October 2017. 
  4. "Video: Bitcoin IRA Featured on CNBC • Buy Bitcoin IRA - Invest in Bitcoin - Bitcoin IRA". 26 July 2017. https://bitcoinira.com/articles/video-bitcoin-ira-featured-cnbc. Retrieved 11 September 2017. 
  5. "We Need to Talk About Bitcoin". http://www.barrons.com/articles/we-need-to-talk-about-bitcoin-1484704802. Retrieved 11 September 2017. 
  6. "Add Bitcoin to your Retirement – BitGo for Business". 6 February 2017. https://blog.bitgo.com/add-bitcoin-to-your-retirement-aa4b69e71cce. Retrieved 11 September 2017. 
  7. Zweig, Jason (13 January 2017). "Should You Have Bitcoin in an IRA?". https://www.wsj.com/articles/should-you-have-bitcoin-in-an-ira-1484341903. Retrieved 11 September 2017. 
  8. Bajpai, Prableen (9 September 2016). "Looking to invest in bitcoins? You should check this out!". https://www.thestreet.com/story/13697767/3/looking-to-invest-in-bitcoins-you-should-check-this-out.html. Retrieved 11 September 2017. 

External links

Template:Bitcoin