BitCoinIRA launched in California offers bitcoin investing for US individual retirement accounts. The Chief Strategist of the company is a former Director of the US Mint.
The launch of the new service has been announced in a press release published by PRWeb. Unlike other bitcoin investment options, which mainly offer bitcoin derivatives, BitCoinIRA allows customers to possess real bitcoins in a special IRA bitcoin wallet. According to Chris Kline, COO of the company,
“This is a pioneering event in the retirement industry. For the first time ever, IRA owners can hold actual bitcoin in a private and anonymous securitized wallet. This will pave the way for more alternative investments for years to come. We are thrilled to be a part of this moment in history.”
The Chief Strategist of the company, Edmund C. Moy, who served in 2006-2011 as the Director of the US Mint, believes that “BitCoinIRA offers a way for people to protect themselves against a volatile and unpredictable market.” While bitcoin is traditionally blamed for its volatility, Moy believes that it is safer than assets based on US dollar:
“Bitcoin is unique in that it’s a completely decentralized currency. Thanks to its truly global nature, it has a lower risk of collapse than more traditional investment assets, which depend on the strength of the dollar.”
As the website of BitcoinIRA warns, “nobody can predict the future value of any investment”. However, Moy is positive that, as we live in “increasingly uncertain economic times”, bitcoin will continue to grow in appeal and in value.
To protect its digital accounts, BitCoinIRA formed a partnership with BitGo, a Silicon Valley startup specialised in bitcoin security.
A bitcoin retirement account works similarly to other types of IRA: the money can be invested by Americans under 70½ and used when they pass the age of 59½.