Cryptocurrency Investing: Should I Hold My Crypto in an IRA?
Cryptocurrencies are digital assets that exist independently of central banks. Because of this, they aren’t subject to government regulation and oversight. As a result, they offer investors several benefits over traditional investments.
One benefit is that cryptocurrencies can be stored inside an individual retirement account (IRA). While this might sound strange, holding cryptocurrencies inside an IRA is possible. This allows you to invest in crypto assets while controlling your money.
However, there are some restrictions when holding cryptocurrencies in an IRA. For example, you cannot use the money from your IRA to buy cryptocurrencies. You also cannot take out more than $10,000 per year without paying taxes.
If you’re interested in learning more about how to buy cryptocurrencies with a self-directed IRA or other retirement accounts, check out our guide here.
What do I need to start my IRA?
The first thing you need to do is open an IRA.
Consult your financial adviser for details…