Bitcoin IRA

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Bitcoin IRA
IndustryCryptocurrency
Founded2015
Headquarters
Sherman Oaks, California
,
USA
ProductsBitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), Litecoin (LTC), Stellar Lumens (XLM), Zcash (ZEC)
Websitebitcoinira.com

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][3] - 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[4] that clarified the tax treatment for Bitcoins as non-currency personal property which is similar to stocks, and presumably compatible with IRA's.

History[edit]

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.[citation needed]

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.[5]

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.[6]

Security[edit]

Bitcoin IRA uses only BitGo as its digital wallet and security provider for cryptocurrency retirement assets.[7] Bitcoin IRA then requires government issued identification and voice verification to transfer funds.[8][9]

References[edit]

  1. ^ "The IRS NEVER Approves IRA Investments". SelfDirected.org. SelfDirected.org. Retrieved 9 October 2017.
  2. ^ "Bitcoin IRA: Not Approved by the IRS". Forbes.com. Retrieved 13 October 2017.
  3. ^ "An Important Message for Taxpayers with IRAs The IRS Does Not Approve IRA Investments" (PDF). IRS.gov. Internal Revenue Service. Retrieved 9 October 2017.
  4. ^ "IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply". IRS.gov. Internal Revenue Service. Retrieved 9 October 2017.
  5. ^ "Video: Bitcoin IRA Featured on CNBC • Buy Bitcoin IRA - Invest in Bitcoin - Bitcoin IRA". 26 July 2017. Retrieved 11 September 2017.
  6. ^ "We Need to Talk About Bitcoin". Retrieved 11 September 2017.
  7. ^ "Add Bitcoin to your Retirement – BitGo for Business". 6 February 2017. Retrieved 11 September 2017.
  8. ^ Zweig, Jason (13 January 2017). "Should You Have Bitcoin in an IRA?". Retrieved 11 September 2017 – via www.wsj.com.
  9. ^ Bajpai, Prableen (9 September 2016). "Looking to invest in bitcoins? You should check this out!". Retrieved 11 September 2017.

External links[edit]