If you’ve ever wondered how you can diversify your retirement account, listen up.
I’ve been a fan of self-directed IRA accounts for quite some time, and have enjoyed having control over money I won’t use for 30+ years without paying absurd fees to a financial advisor who is highly conservative. I’m happy to share with you a new strategy I’m using to leverage some risk in my portfolio by setting up a bitcoin IRA.
It’s not just bitcoin, but also ethereum and a lot of the other hot alt coins you probably have heard about. This is literally something that’s come to light in the last several months, and if you want to get in on what many people are saying is possibly the “largest transfer of wealth in our lifetime,” keep reading as I will outline why I’m socking away some of my retirement savings into a cryptocurrency backed investment.
How to Set up a Bitcoin IRA Account
Let’s first talk about some of the reasons this intrigued me and made perfect sense.
If you were to put just $200 into Bitcoin in the year 2011, that would be worth over $3,000,000 today.
That is NOT a typo. In fact I rounded down as it’s near $3.1 million.
When I read that astronomical number, and also kept in mind that many of the people close to me aren’t even in this new alternative currency investment, I knew that I wasn’t too late to the party. Sure, it may feel like it when you glance at the price of Bitcoin, but many people are predicting that this year, 2018, is really just the beginning of the world hitting a critical mass in this entire investment.
When I glance at my retirement portfolio of “Blue Chip” stocks that I had ten’s of thousands of dollars invested in, I want to puke. Sure, some spit out some nice dividends, but many LOST MONEY. If I were to take even 10% of that money and put it into Bitcoin, well, I’d be sitting on tens of millions of dollars.
I’m not the type to take on risk, and I consider myself old school. However, to take a small portion of money that can grow for many years, and take a shot, well, I didn’t want to be on the outside looking in. I literally watched the prices jump for several months as I spoke to many trusted individuals who are in finance in addition to doing my own personal recon. I’m always playing things safe, but I wish I would have gone with my gut a bit earlier.
So here we are, in early 2018, and I’m confidently investing in Bitcoin through my IRA account.
Why Savvy Investors are Flocking to Cryptos like Bitcoin & Ethereum in 2018
- The currency is decentralized and therefore cannot be manipulated by banks & governments.
- Limited supply of only 21 million bitcoins.
- Businesses are accepting it, as are car dealerships and transfers of homes.
- The value does not run on course with the dollar not does it move in any way with stocks & bonds. (Much like gold.)
- The IRS has approved it as a form of currency
If you aren’t aware about how self directed IRA’s work, they are a nice advantage that can give you a lot of flexibility to invest your money in alternative options other than just in bonds, mutual funds, and stocks. Most financial advisors will just invest your money in those markets and churn out a few percent gain every year, collect their fee, and over the years, you will (hopefully) earn a little bit of money.
I find this extremely boring, and back in 2010 found out just how a self directed IRA account works. When I found out the multiple advantages, I ended up setting up an account that allowed me to buy precious metals. I purchased silver, in specific. While I thought this was a rather new idea, these types of IRA accounts have been around since 1974.
Not to get off track, but a self directed IRA allows you to lend money, buy property, invest in private placements, tax lien certificates, and notes.
In 2017, I witnessed the first ever bitcoin ira companies start marketing their services. Naturally, I was curious about how this worked.
Turns out, it’s the same type of set-up that allowed me to invest in silver several years back.
The company I ended up calling to make this happen was Noble Gold. You can fill out the form below to find out from them, first hand, just how this process works.
Learn More About Forming a Bitcoin IRA —> Free Informational Guide.
Again, I’m not here trying to tell you that you will get rich buying bitcoin and socking it away into your retirement.
BUT, the numbers don’t lie. I, for one, am placing a small bet on cryptocurrency and I feel like having them in my self directed IRA account is a solid place to lock up some money for many, many years.
If I can answer any questions about my personal experience, please leave a comment below and I’ll be happy to help out however I can.