Platform CryptoBased IRA has greenlit the transfer of IRA and 401K to cryptocurrency. This move provides investors with a different option for their retirement stash.
CryptoBased IRA touts themselves as the future of retirement (with cryptocurrency). They help individuals add cryptocurrencies straight from their IRA or 401k and place them into a new IRS-approved crypto IRA.
At the moment, CryptoBased IRA allows transactions using Litecoin, Ripple, Bitcoin, Bitcoin Cash, Ethereum Classic, Stellar, Zcash and Ethereum. The platform has its proprietary system by which they transfer traditional IRA and 401k to a self-directed crypto IRA.
The IRS has ruled that cryptocurrency like Bitcoin has an equivalent value in “real” currency. As such, virtual currency is being legally used to purchase goods and services. This logic extends to the use of digital currency to make investments.
Why consider converting your IRA or 401K (or part of it) to cryptocurrency?
CryptoBased IRA highlights the higher return on investment that crypto offers. Additionally, since cryptocurrency has been designated as personal property by the IRS, having a retirement fund in crypto offers the benefit of tax-free personal property status. A retirement fund in cryptocurrency also protects an individual from inflation, as Bitcoin allows hedging against it.
CryptoBased IRA offers a hassle-free service for interested parties. Visit their website to get started.