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For The First Time Ever, IRA Owners Can Hold Actual Bitcoin In An Anonymous Securitized Wallet

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BitCoinIRA offers a unique alternative to traditional American individual retirement accounts (IRAs) for investors who are seeking to diversify their portfolio and protect their retirement savings and 401(k) plans. BitcoinIRA has the first mover advantage in an emerging market and allows investors to possess actual bitcoins in an IRA-designed security wallet and not a derivative.

Below is our interview with Ed Moy, former Director of the United States Mint, and Chief Strategist at BitCoinIRA:

Edmund-moy-boitcoinira

Q: What is Bitcoin exactly?

A: Simply, Bitcoin is a new technology. It can do three things really well. It can function as a currency. As a currency, it is a medium of exchange created by the private sector and not a government and its value is determined by the free market. In other words, Bitcoin is a free market alternative to the government monopoly on money. It can also function as a payment system. Bitcoin uses the internet instead of proprietary electronic highways created by banks, governments, and money transmittal agents. That makes is cheaper, more secure, and more efficient. And it can function as a permanent, unchangeable, public ledger. NASDAQ is experimenting with a Bitcoin-inspired public ledger to keep track of stock transactions.

Q: What makes BitCoinIRA a good choice/investment?

A: A $200 investment in Bitcoin in 2011 would yield over $1,000,000 today. If the demand for Bitcoin continues to increase, its limited supply means there is attractive upside potential. I also caution that Bitcoin is new and should be considered a speculative investment. But for those who have discretionary capital, it may make sense diversifying their retirement portfolio to include Bitcoin.

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Q: What was the inspiration behind building BitCoinIRA?

A: There is a growing need for alternative assets in retirement portfolios. The vast majority of IRAs contain stocks, bonds, and cash. The problem is that those assets are rely on a currency like the U.S. dollar. If something happens to reduce the value of a dollar, like inflation or financial crisis, a smart investor will want part of their retirement portfolio in non-traditional assets whose value increases when the dollar decreases. A balanced portfolio is the right strategy for many, especially for long term investments like an IRA.

Q: More generally, how do you see the Bitcoin landscape developing, and where do you place yourself in the industry?

A: Bitcoin as a currency and payment system will grow faster in developing countries compared with industrialized nations. That is because developed countries generally have currency and payment systems that work, unlike many countries in the Southern Hemisphere. As Venezuela’s currency fails, Bitcoin use has skyrocketed. When Greece put capital controls in place, there was a rush to Bitcoin (and gold). However, Bitcoin as a public ledger is being adopted at a rapid pace in developed countries compared to developing countries. Most of the $1 billion that was invested by private equity firms into Bitcoin companies focus on commercializing the public ledger. Futurists see this technology disrupting the archaic back room operations of the financial industry.

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Q: What can we expect from BitCoinIRA in the future? What are your plans?

A: Bitcoin is in its infancy and I think it has a bright future. It will continue to grow as more people become more knowledgeable about it and its use becomes more widespread. The increasing utility of Bitcoin and the potential for its long term gains will attract more investors to diversify their retirement portfolios to include some Bitcoin. BitcoinIRA has the first mover advantage in an emerging industry. Further, we went the extra mile to pioneering developing an cutting edge investment vehicle that is compliant with regulators.

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Q: How would you convince the reader to start using BitCoinIRA?

A: Any investor worth their salt will do their homework. Interested investors can request a guide from BitCoinIRA I would also encourage investors to also try Bitcoin themselves. It is as easy as getting a free wallet online, going to an exchange and buying some Bitcoin, and spending it at one of the many retailers that accept it. That’s exactly what I did. And I was pleased to be BitCoinIRA’s first customer when I did a partial IRA rollover to start my Bitcoin IRA and supplemented it with some new funds.

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