Bitcoin IRA Inc is an American company that combines various cryptocurrencies with Individual retirement accounts. Contrary to some reports, no investment - including Bitcoin - is approved by the IRS as an IRA investment. The ability to buy Bitcoin in an IRA is supported, but not plainly endorsed, through a 2014 IRS ruling that clarified the tax treatment for Bitcoins as non-currency personal property which is similar to stocks, and presumably compatible with IRA's.
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History
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. In April 2017, the altcoin Ethereum (ETH) was added as an asset for investment. Investors could invest entirely in one coin or a percentage of both coins. As of August 2017, the company's products include Bitcoin, Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), and Ripple (XRP).
On March 25, 2014 the IRS ruled cryptocurrencies are treated as property. Based on this ruling, cryptocurrencies could then be purchased in a self-directed Individual Retirement Account (IRA) and Bitcoin IRA became the first company to do this for individuals. BitcoinIRA.com acts as a custodian for rolling over funds from existing traditional fiat currency IRA, Roth IRA, or 401k accounts into a cryptocurrency based IRA.
Bitcoin IRA cryptocurrency retirement accounts are approved by the IRS as qualified retirement accounts, where growth accrues tax-deferred.
In a July 2017 interview with CNBC, Chief Operations Officer, Chris Kline stated that in its first year, the company averaged a million dollars of monthly inflows. And as of today, the company does the same volume of business in a single day.
Maps Bitcoin IRA Inc
Security
Bitcoin IRA Inc uses only BitGo as its digital wallet and security provider for cryptocurrency retirement assets. BitGo allows for multisignature security with three keys generated and kept in cold storage in separate locations. Bitcoin IRA then requires government issued identification and voice verification to transfer funds.
References
External links
- Official website
- ^ "Senate Crypto Hearing Seen as Mostly Positive | CryptoWallet IRA". CryptoWallet IRA. 2018-02-07. Retrieved 2018-02-08.
Source of the article : Wikipedia
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