There are a few companies that allow you to roll over a 401k plan into a "bitcoin" IRA. Anyone doing that? Or, researching? Curious about the experience.
This is a global forum, and what you're talking about is only available in the US...this might slow down or limit the number of responses you get.
I've not looked into this investment account much, but as you research it you should consider the following:
(1) How reputable is the company that's selling you the account? They're likely not some major investment bank. Can they go out of business easily? Are they protected by investment fraud insurance in the US?
(2) Is this fund actually buying Bitcoin or do they augment their assets with Treasuries or Cash as a way to soften the volatility of Bitcoin? It's not bad if their fund blends assets, it's just something to be aware of
(3) What are the fees they're going to charge you? Per transaction? Annual fees? Maintenance fees? Etc.
(4) What's the process if you want to sell the fund and transfer your assets to another qualified account? There shouldn't be any lock in periods. You should be able to move your account to another investment bank at any time you like
(5) Do they allow you to invest in cryptocurrencies other than Bitcoin? E.g., Litecoin, Ethereum, Ripple
Let us know what you find out...come back here and share your knowledge with us! Good luck!
Hello-
Thank you for the responses. Here's what I've discovered.
1) There seems to be 1-3 reputable companies out there. One is backed by 1 million protection.
2) They do purchase crypto coins.
3) HUGE cost. 15% upfront and unsure what the yearly custodial fees are. Shot them a note to find out but 15% is pretty steep IMO.
4) Not very clear on their site or pamphlet but still researching. Also, looking into rolling over only a % of the 401K, vs. the whole thing. "Eggs in one basket" theory.
5) Bitcoin IRA, the one I'm looking at, lets you invest in any of these- BTC, ETH, BCH, XRP and LTC
