Is Bitcoin IRA approved for retirement accounts?

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katara's picture
katara
Status: Member (Offline)
Joined: Mar 13 2017
Posts: 1
Is Bitcoin IRA approved for retirement accounts?

Companies are now offering the option of "Bitcoin IRAs."

https://regalwallet.com

Are people now starting to do this?

Has the IRS approved Bitcoin for self-directed IRAs similar to Gold IRAs?

reflector's picture
reflector
Status: Silver Member (Offline)
Joined: Aug 20 2011
Posts: 236
approval not required

the whole point of a self directed IRA, is that you direct it yourself.

you don't need the IRS' approval, you can buy land, or gold, or bitcoin, or collectible firearms, or any other investment/speculation.

the main thing to be aware of, is that you have to be careful to keep records, and not to derive any personal benefit from the property in the IRA account until such time as it's disbursed. e.g., if you have a case of collectible wine, you don't drink the wine.

as always, consult your tax professional if you have any doubts.

mrees999's picture
mrees999
Status: Silver Member (Offline)
Joined: Aug 16 2013
Posts: 130
Bitcoin IRA

Hi Katara

I recently opened a ROTH IRA for bitcoin.  I used bitcoinira.com

It looks legit to me and it is run by the former director of the US Mint.  If bitcoin rises in price to compete with gold, having the non-taxed exit at those prices in very interesting.  If just 1% of gold were converted to bitcoin, the price would be around $7,000 each. I can see that happening knowing what I know *I started investing in bitcoin when it was under $50 over four years ago.

It's one of those crazy investments you have to just close your eyes because the drops and rises are exaggerated for a new asset class. We call ourselves "HODLers"  if we don't sell at any price. This stands for "Hold On For Dear Life."

Having it in an IRA makes that a lot easier as you can't rush to sell it in a panic drop. It has historically always risen again to new highs and in my opinion, for hundreds of reasons - it's just the start.

Not giving investment advice, just my view and sharing what I did, - hopefully, it helps.

-Mark

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