Have you ever seen a better time to distance yourself from the US dollar? The country is in complete and utter chaos! The Democrats claim that an insurrection happened yet none of the “insurgents” carried firearms. They plan to impeach the president of the United States any day now for inciting violence.
US tech companies are censoring anyone with a dissenting opinion. They’re literally deplatforming those who do not agree with their politics.
A Republican lawmaker in Florida asked Governor DeSantis to divest state funds from Apple, Google, Twitter, Amazon, and Facebook. Why? Because of their unlawful censorship.
Regardless of how you feel about these topics, just know…
These problems aren’t going away! The more the Democrats push for impeachment, the worst they’re going to get. This will create havoc in the United States and seriously limit the value of the US dollar.
Plus, President-elect Biden plans to release a multi-trillion-dollar stimulus package in the next few weeks. This means printing more money and putting the US in further debt.
It’s time to get away from the US dollar as fast as humanly possible. The best way to distance yourself quickly is through cryptocurrency investing.
And the best type of cryptocurrency investing?
It’s investing in a cryptocurrency IRA. This way you can take advantage of tax benefits and protect your wealth for your future retirement.
But how do you begin?
First, let’s take a look at some reasons why opening a Bitcoin IRA is a brilliant idea. This has never been truer in such a volatile climate.
The Main Reasons to Begin Cryptocurrency Investing in an IRA
The reasons for this style of investing are numerous. But I’ll boil it down to the most important areas to take advantage of.
- Tax-free or tax-deferred investing – investing with tax-free dollars means you get to keep everything earned in your retirement account once you begin taking distributions. Investing tax-deferred dollars means you accumulate wealth for many decades before finally paying taxes at the going rate. Either way, you’ll benefit tremendously by having more money available to accumulate wealth.
- Gain access to your retirement money earlier – the beautiful thing about a cryptocurrency IRA is you can begin withdrawing money at 59 ½ years old. Other retirement investments make you wait longer. And in the other accounts, if you withdraw early, you’re subject to a 10% penalty. And you’ll immediately have to pay your taxes. Some people do not want to wait until they’re 65 or 70 years old to retire. They’d like to retire earlier and they need access to their funds faster. A crypto IRA provides access to your retirement accounts much earlier than other options.
- Investment flexibility – with a Bitcoin IRA, you can choose your investments wisely based on flexibility. You can go the more traditional route and invest in CDs, annuities, bonds, stocks, and real estate. Or you can focus on ETFs, mutual funds, or other traditional investments. Better yet, with a self-directed IRA, you can focus your investments on cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others. Or if you prefer, you can put your retirement money into precious metals including gold, silver, platinum, and palladium. Just know that this flexibility means you have a diversified portfolio growing your wealth for many years to come.
Clearly, it’s time to start focusing on cryptocurrency investing. You definitely need an IRA account to take advantage of these incredible benefits. Take a moment to read my review of the top cryptocurrency IRA companies in business today. You’ll learn a lot and discover the best company to meet your needs.
How to Fund a Cryptocurrency IRA Investment
Basically, you have two major options when it comes to funding your Bitcoin IRA. You can either open the account via rollover or transfer. That’s basically what it comes down to my friends.
- Account funding by rollover: you obviously have an old 401(k) or other type of retirement account sitting there doing nothing. Maybe you recently left your job or you walked away from your job years ago. Regardless, you can rollover this account into a self-directed Bitcoin IRA. Contact your account custodian and get them in touch with the administrator of your new account. The rollover process is basically a trustee-to-trustee transfer. You do not get involved with the rollover process personally whatsoever, although you can if you prefer. The account custodians take care of this on your behalf with a direct rollover. An indirect rollover means the funds will be mailed to you directly. You’ll need to deposit them into your new cryptocurrency IRA account within 60 days or face penalties and fees.
- Account funding by transfer: the transfer is a little bit different. This happens when you’re transferring money from one similar account to another. It’s a custodian-to-custodian transfer and it’s easily initiated. But you must have a traditional or Roth IRA already to initiate the transfer. Otherwise, you’ll have to perform a rollover if it’s a different type of retirement account. And according to a recent ruling by the tax court, you can rollover an account once every 12 months.
Are you ready to get started with a cryptocurrency IRA? I highly implore you to read my review of the top cryptocurrency companies in business today. Look over your options and choose the best company to meet your needs.
Types of Cryptocurrencies to Add to Your Self-Directed IRA
At this stage of the game, there are numerous cryptocurrencies to invest in. But many aren’t worth your time, attention, or personal investment. In fact, some of these cryptocurrencies aren’t going to go anywhere. They aren’t reputable, they aren’t trustworthy, and you may end up losing your money over the long term if you aren’t careful.
On the other hand, some cryptos have major corporate and government backing. These currencies are worth billions at this point. And they’ll be worth trillions of dollars in the future. These currencies are the ones to invest in. They are the best choices to not only protect your money from the US dollar, but they’ll enhance your wealth.
My top well-respected choices for cryptocurrency investments include:
- Ripple – I’ve added Ripple to the list because the Ripple Transaction Protocol, better known as RTXP, is well-respected. And top crypto investors are personally funneling their money into this valuable choice.
- Ethereum – this is the second most popular cryptocurrency behind Bitcoin. It’s open sourced and based on blockchain. It’s also decentralized, and the Ethereum Virtual Machine powers their blockchain based transactions.
- Bitcoin – this currency is currently flying high. It’s so valuable that you’d have to be crazy not to want to invest in it. It’s the most popular of its kind, it’s decentralized, and administrators or central banks will never control it. That’s why so many powerful investors are pumping billions of dollars into this currency. Should you?
- Monero – also known as XMR, this exciting crypto first stepped on the scene in April 2014. Like others, it’s decentralized, open sourced, and private.
- Litecoin – LTC otherwise known as Litecoin has a great reputation and operates on a peer-to-peer open-sourced platform. Technically speaking, it’s Bitcoin inspired, so the two cryptocurrencies are virtually the same.
- Ethereum Classic – it’s almost the same as the original but it runs on the old blockchain. This provides it with a different value token called classic ether.
- Bitcoin Cash – this split off of Bitcoin in August 2017. Why? They wanted to increase the limited size of blockchain to 8 MB. This makes more transaction processing possible compared to original Bitcoin.
Other Ways to Invest in Cryptocurrencies That You Should Avoid
Seriously, I only recommend investing in a cryptocurrency IRA because it’s the best and smartest way to go. But there are other options that you can consider, although they do not provide the incredible benefits.
Other inferior investing options include:
- Cryptocurrency stocks – investing in crypto on the stock market means potentially dealing with huge market swings. Some people tend to day trade crypto which is insane. This is a volatile investment but a lucrative one if you’re willing to hold it for the long-term.
- Cryptocurrency ETFs – similar to investing in stocks, these ETFs allow you to invest in a basket of cryptocurrency related companies. The price swings are volatile and move up and down like a yo-yo. If you do not hold for the long-term, you’ll likely get burned and lose your money.
- Coinbase – this is an incredibly reputable cryptocurrency exchange to say the least. And if you’re looking to buy crypto for transactional purposes, this is the way I suggest you go. But if you’re investing for your retirement, this is a sucker’s bet because you’ll lose all the valuable IRA benefits.
Now is the time to initiate cryptocurrency investing. But not any old investing. You need to open a cryptocurrency IRA to fund your retirement future. Otherwise, you’re completely susceptible to the US dollar and the volatile nature of a difficult political and economic climate.
I’ve written about and reviewed the top cryptocurrency IRA companies in business right now. I’d like to suggest that you read my review to get a better understanding of each one of these organizations. And use this information as a guide to choose the cryptocurrency broker that you’ll eventually end up doing business with.