Get Tax Breaks on Your Crypto Investments With a Bitcoin IRA
It's the easy way to make crypto investments part of your retirement.
Early on, financial experts were pretty skeptical about the long term viability of Bitcoin. In fact, most thought cryptocurrencies were just a fad. But now it’s patently clear that those experts were dead wrong. Cryptocurrencies have never been stronger than they are right now, and it looks like 2021 is going to be another great year. In fact, cryptocurrencies are so strong, more and more investors are adding them to their portfolios as a way to hedge against inflation and major downturns in the stock market. And right now, perhaps the best way to do that is with Bitcoin IRA.
This Could Be A Big Year For Crypto
Why are experts saying 2021 will be another big year for digital currencies? Because a trio of game-changing crypto services are just over the horizon.
After selling almost $1 billion in Bitcoin futures in November 2020, derivatives marketplace CME is set to start trading Ethereum futures in February 2021, which is expected to dramatically increase trade volume for the world’s second-most popular cryptocurrency. Also coming up in the first quarter, Coinbase, the world’s most popular digital currency exchange, is expected to go public with an estimated $28 billion initial public offering, which would be the biggest cryptocurrency IPO of all time. And last but not least, PayPal, which opened up crypto to their 300 million users at the end of 2020, has announced that they’ll offer crypto trading on their popular Venmo app in the first half of 2021.
So what does all this mean for you? In the grand scheme of things, it means cryptocurrencies aren’t just for speculative investing anymore. Now, even the most cautious investors trying to build their nest eggs are putting a portion of their assets into digital currencies. And if you don’t want to miss out, you need to open a Bitcoin IRA account now.
An IRA, or individual retirement account, is a retirement savings account set up through a financial institution that gives you special tax breaks on deposits, growth, and distributions or withdrawals. There are different types of IRAs, and the specific rules governing them depend on your employment status and income level. But the basic idea is to grow wealth faster so they are ready for the future. And IRAs are not just tax-free savings accounts. While you certainly can make cash deposits, you can also put financial products like stocks, bonds, and mutual funds into your IRA.
Now, in addition to cash, stocks, bonds, and mutual funds, you can also fund an IRA with cryptocurrencies. And thanks to companies like Bitcoin IRA, it’s a lot easier than you might think.
A Bitcoin IRA account lets you earmark cryptocurrency holdings as retirement savings, thus realizing the same tax breaks on any potential growth that you would get on traditional investments. These crypto IRAs follow a lot of the same rules as regular IRAs. That means there are early withdrawal fees if you want to cash out before you turn 59½, and only “earned income” is eligible for deposit into a crypto IRA, which means you cannot transfer your existing crypto holdings into your Bitcoin IRA account. However, unlike traditional IRAs, which typically cap contributions at about $6,000, with a Bitcoin IRA account there is no yearly investment cap. And just because you can’t transfer any existing crypto holdings, that doesn’t mean you have to start entirely from scratch. With a Bitcoin IRA account, you can rollover any existing traditional retirement savings accounts into your crypto IRA. And no, there won’t be any penalties or fees for transferring your assets.
Of course, this all sounds pretty complicated, and you probably have a lot of questions. Luckily, Bitcoin IRA is a full-service company that will walk you through every step of the process. All you have to do is complete the Bitcoin IRA account application. They will then help you fund your account. If that means transferring funds from an existing retirement savings account, they’ll make the request for you and complete the transaction. Then, whether you transferred funds from another IRA or your checking account, they’ll help you perform your first trade. Bitcoin currently offers Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Stellar Lumens (XLM), Zcash (ZEC), Bitcoin Cash (BCH), Ethereum Classic (ETC), and Digital Gold (DG). You can invest in one coin or a combination of multiple coins.
Once you’re all set up, you can perform all your own trades through Bitcoin IRA’s easy-to-use online platform. All of your digital assets are then stored in your BitGo Wallet. And with 256 bit SSL encryption, offline cold storage, and up to $100 million in insurance, BitGo is the most secure digital currency wallet on the planet.
We still don’t know exactly what the future holds for cryptocurrencies. But we do know they will be a part of the future. And if you also want to be a part of the future, you probably shouldn’t sit around on the sidelines any longer. By investing with a Bitcoin IRA, you can give yourself a little cushion against the stock market and make sure you don’t miss out on the next big crypto boom. All you have to do it click here to get started.
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