If you pay attention to the financial markets you know that things aren’t good. The major stock market indices recently dropped 10% in 3 days! Oh boy does that market crash fast! And the financial picture in the US is dismal at best.
Is your money safe? Is your retirement future secure? Not likely if it’s completely tied up in the inflated US dollar.
Although Bitcoin has pulled back because of a broad market selloff, it’s safer than staying fully invested in US currency. Why? The US dollar is in shambles. And the US economy isn’t far behind. The United States has to borrow money to keep the economy afloat. It’s in dangerous territory and it can crumble at any moment.
This investment is the truest safe haven from a failing US economy. It’s even more potent than investing in gold and silver. Why? It isn’t regulated by big governments or major corporations. It isn’t tied into the European Central Bank or the Federal Reserve. It’s its own entity that operates outside of these other regulated currencies.
Why is that important?
You don’t have to worry about the US government or another country stepping in and taking control. The blockchain system was designed to prevent this from ever happening. No one could ever take control of this currency based on the way that it set up. It guarantees protection from unscrupulous governments looking to steal your wealth out from under you.
But you may know that already. Or maybe you don’t. Regardless, we’ll take a much closer look at everything you need to know about a cryptocurrency IRA below.
The Definition of a Cryptocurrency IRA
A cryptocurrency IRA is special because it lets investors purchase Bitcoin and other cryptos for retirement savings. You’ll open a self-directed IRA through a qualified broker. This will allow you to purchase alternative investments to grow and improve your retirement account. Other alternative investments include purchasing gold, silver, platinum, palladium, and real estate investments.
Furthermore, the cryptocurrency IRA focuses strictly on cryptocurrency investments. But if you would like to continue investing in traditional investments, you’ll need to maintain separate accounts.
Many investors appreciate the cryptocurrency IRA because it allows them to diversify their retirement portfolio. Although many look at this as a high risk investment, it’s actually safe and stable. It’s also much less volatile than the stock market if you’ve been paying attention.
Opening a cryptocurrency IRA is very easy. You’ll need to connect with one of the best cryptocurrency IRA companies doing business today. I’ve reviewed my favorite cryptocurrency brokers, so please visit my review page to learn more about my top recommended choices.
How Should I Open My Cryptocurrency IRA?
This all comes down to personal wants and needs. Maybe you have an old 401(k) account with a previous employer sitting there collecting dust. You can initiate a rollover or transfer (depending on your situation) and put this money to good use. Or you can contact a cryptocurrency dealer on the web and open a retirement account from scratch.
No one knows your personal situation better than you. Does a rollover make the most sense based on your current financial needs? Then you should initiate a rollover with the help of a highly qualified crypto broker. Or are you opening a retirement account for the first time? The crypto dealer will open the account on your behalf. And you can fund it with money in your checking or savings account.
No matter which method you choose, just know that you’re taking steps to protect your financial future. Cryptocurrency is here to stay for good reason. It’s safe, protected from outside intervention, and it’s incredibly valuable. Your investments will grow like weeds over the long term with this powerful retirement strategy. Read more about the top cryptocurrency IRA companies by checking out my detailed review page.
The Biggest Advantages of Opening a Cryptocurrency IRA
Just like any investment, there are major benefits to opening a cryptocurrency IRA. Gleaming a better understanding of them helps you gain knowledge and information to make informed decisions about your investments. The most important advantages of opening a cryptocurrency IRA include:
- Major tax advantages – a cryptocurrency IRA is very similar to a traditional IRA as far as the tax incentives are concerned. With either of these IRA accounts, you can experience benefits by earning tax-free or tax-deferred gains. But the added bonus of a Bitcoin IRA is the additional portfolio diversification. Not only can you purchase crypto through this IRA, you can also buy precious metals and other alternative investments.
- Take full control of your portfolio – by opening a cryptocurrency IRA, you’re putting yourself in control of your retirement account future. No longer are you reliant upon an account manager or fund manager to choose your investments. You can invest in all types of cryptocurrencies depending on your particular wants and needs. Your options include investing in Bitcoin, Ripple, Litecoin, Ethereum, and all other major cryptocurrencies.
- Decentralized currency – government policies and central-bank manipulation have a tendency to alter the value of traditional currencies. The US dollar is completely controlled by the Federal Reserve and the US government. The European Central Bank controls the euro. You do not want to remain controlled by governments that no longer have your best interest at heart. You need to free yourself from the shackles of traditional currencies. Investing in Bitcoin and other cryptocurrencies in your IRA account is the best way to accomplish this task.
- Cryptocurrencies are available in limited supply – as an example, Bitcoin will only ever have 21 million Bitcoins available throughout its existence. The supply is intentionally limited to prevent inflation from ever rearing its ugly head. This bodes well for investors because once all 21 million Bitcoins are mined, they will become incredibly valuable. The long term value of Bitcoin and other types of crypto is tremendous. Remember, the shorter the supply the greater the demand. Once this supply reaches its maximum peak, people will pay large amounts of money to obtain Bitcoin. Your investments will grow tremendously as we lead up to this point.
- Cryptocurrency doesn’t follow the stock market – this is important because crypto will not necessarily crash along with the stock market. It’s also free from correlating with the US dollar and other currencies. This means it acts independently from other financial assets. While the US dollar goes down in value, the value of crypto will not necessarily follow. The same holds true with the stock market and other investment vehicles.
As you can see, there are numerous benefits to investing in a cryptocurrency IRA. Please take a moment to read through my reviews of the top cryptocurrency IRA companies doing business right now. You’ll gain valuable insights that will help you choose the best crypto broker to meet your needs.
Never Fear Economic Downturns Again
Right now, the financial world looks grim. Take off your rose colored glasses for a moment and really begin to see things clearly. In March and April 2020, more than 41 million US residents lost their full-time jobs. And many other millions of Americans had their hours cut to part-time employment.
The United States was forced to provide economic stimulus to keep the country afloat. But right now the Republicans and Democrats cannot come to an agreement about further stimulus. Without additional stimulus, the country is going to fall apart in many areas from the top down.
Areas that are about to become seriously affected by the recession caused by the coronavirus include:
- Small business closures
- Credit card defaults
- Mortgage defaults
- Restaurants are going out of business
- Tourism is at a complete standstill
- Movie theaters just opened for the first time in six months
- Americans are afraid to spend ample time outside the home
Guess what? All of this negativity leads to one simple fact. The US dollar is in serious trouble. Inflation is about to hit an all-time high. The government must continue to borrow and print money to stay afloat. Before long, you’ll be paying $10 just to buy a loaf of bread or a gallon of milk.
Here’s another scenario…
You move the bulk of your worth away from the US dollar and invest in cryptocurrency. Keep enough traditional currency on hand to pay for day-to-day expenses. But minimize your exposure to traditional currencies altogether. You’ll never have to worry about suffering from US dollar inflation if you take it out of the equation.
And the best way to remove yourself from the equation is to invest in a cryptocurrency IRA. You’ll be happy as a clam after you’ve taken the necessary steps to protect your financial future.
The Next Step
I’ve reviewed three of the best cryptocurrency IRA companies doing business today. I vetted them from top to bottom and provided a full and detailed review of each company. To read a smaller review of all three companies at the same time, please visit this page. You’ll discover my thoughts and feelings about each of these cryptocurrency IRA brokers and my recommendations as well.
The article gives me very important insights. I am convinced that crypto-currency will not crash along with the stock market. Yes, it is not fully integrated with the US dollar and other currencies. This means that crypto, to an extent, acts independently from other financial assets. Still, I have one question in my mind – is crypto safe? Is its regulation a fair deal? I will be highly satisfied if the author will manage some time to deal with the details, how it (crypto price regulation system) is managed.
Hello SekharD! Thank you for the feedback on my article. Cryptocurrency is a deregulated currency meaning that it is not regulated by any government or system but rather by the blockchain. There are only so many of one cryptocurrency that you can mine so supply and demand determines the value of the cryptocurrency which is bound to be valuable because the supply is limited (there’s only so many you can mine). I hope this makes sense to you, but there are many articles you can research about cryptocurrency on my website and on the internet. Thank you for stopping by with the feedback and inquiries, SekharD!
Hello there! Thank you very much for sharing this article on everything you need to know about a cryptocurrency IRA. I’ve gone through it and I must say it’s a very detailed one and it contains valuable information. It’s true that cryptocurrency is the order of the day as it’s very lucrative and also engaging. Thanks to this article, I know how to open a cryptocurrency IRA. I’ll do that and come back with feedback. Thanks
Hello Sophie! If you have a retirement plan already then I would suggest that you rollover or transfer your funds to a cryptocurrency IRA. I’m glad you have made the right decision! Please do come back and let us know when you make the rollover or transfer. Thank you!
Ah, this is very nice, I mean I didn’t know much about the IRA before now and see how well you have explained all about it. The crypto it’s seems like an investment that has a very profitable return for me even in the long run and since I have been searching for the best investments, I’ve not found one this juicy. It’s awesome.
Hello Jackie! Yes, investing in cryptocurrency is particularly lucrative for the long-run. In the short-term, you can experience a lot of volatility. Thank you for the feedback, Jackie!
There is do much that there is about crypto and I have been really keen to know more about it seeing how it’s growing and the chances of investing are getting higher. So many people have told me some things about it but getting here to see the basics is all that matters and I’m really happy to see the honesty in this content. Cheers
Hello ReeceMichael! Yes, I’m glad that you have noticed those things even before you read the article. Thank you for pointing out my honesty! Cheers!
Hello there, thanks a lot for sharing this beautiful piece of information here with us. I must say i really did enjoyed going through your review as it contains valuable informations one needs to be aware of. I recently started trading crypto currencies and there are a lot i need to know of, i am going to bookmark this.
Hello Philebur! Although cryptocurrencies can be profitable in the long-run in a cryptocurrency IRA, they may be dangerous investments in the short-term for trading. They may still be profitable but you never know what can happen to your cryptocurrencies in the short-term. Thank you for your feedback, Philebur!