A crypto IRA is a special IRA account that converts your traditional IRA funds into cryptocurrencies. More and more people have heard about cryptocurrencies in the last few years, but if you are a long-term investor, you probably have generally stayed away from them since they aren’t as “stable” as other investments.With a crypto IRA, you can capitalize on the explosive growth of the cryptocurrency marketwithout ever having to sell any of your coins.
How Does a Crypto IRA work?
A crypto IRA is a retirement account that you can open to invest in cryptocurrencies. Opening a crypto IRA is as easy as opening any other type of IRA. All you have to do is find an investment manager who is willing to work with your retirement funds, and then set up an account with them. The investment manager will provide an IRS document for tax purposes, and you’ll designate the percentage of your traditional IRA funds that you want investing in cryptocurrencies
Is a Crypto IRA Right for Me?
For many people, the future of work looks like a world where everything is automated. As artificial intelligence becomes more advanced, robots and computers will take over an increasingly large share of humans’ jobs. As this shift to automation occurs, it will become more and more important for all of us to have a plan in place for when we lose our jobs because of automation. One way you can make money in a world where AI is becoming increasingly pervasive is by investing in cryptocurrencies. Crypto IRA is also available to safeguard your retirement fund and diversify your investment portfolio.
How to convert a Traditional IRA to Crypto IRA
Here’s how to convert traditional IRA to Crypto IRA:
Step 1: Create an Account at an Exchange
Step 2: Convert your Dollars into Bitcoin or Etherium
Step 3: Transfer your Bitcoin or Etherium to your Wallet
Step 4: Buy more Bitcoin or Etherium on the exchange
Step 5: Transfer the Bitcoin or Etherium back to the exchange
Step 6: Convert the Bitcoin or Etherium back into Fiat (USD)
Step 7: Transfer the Fiat (USD) back into your Bank Account
The above steps to converting to Crypto IRA are very simple, yet most people either don’t want to do them or don’t know how. The fear of being scammed and/or hacked is holding many people back from taking advantage of one of the best investment opportunities we could see for decades.
How to Get Started with a Crypto IRA
Look for legal advisors, tax professionals, and certified public accountants who’ll help you figure out what type of Crypto IRA retirement plan is best for you. Crypto IRAs hold many benefits, including protecting your assets from inflation and the ability to transfer them at will.
A traditional IRA can be changed to a Crypto IRA by opening up an account with a company specializing in crypto IRAs. The process will take only minutes to complete. Diversify your investment portfolio today!