Topic: Fidelity not allowing Bitcoin (Read 1849 times)
Fidelity doesn't want business?
I was thinking about this thread when I recently told a representative of Fidelity's Portfolio Advisory Services that I'm not unhappy with them, but I want more exposure to bitcoin in my Roth IRA, and Fidelity doesn't seem to provide a way to get that exposure, so I'm transferring a portion of my funds to a self-directed IRA LLC.
I could have saved a bunch of money in taxes if I had learned earlier that it is already possible to invest directly in bitcoin in retirement accounts. We don't need SecondMarket or the Winklevoss ETF. For about $1500 and a modest amount of effort, anyone can set up a self-directed IRA, which invests in your own IRA LLC, which invests directly in bitcoins.
Soon I'll have bitcoins in my Roth IRA, growing completely free of capital gains taxes. And the side benefit was that I politely told Fidelity that they are losing actual business by not providing an easy way to invest retirement funds in bitcoin. If they turn around and start a bitcoin mutual fund, I'll be expecting a lot of you to be thanking me!
More info on self-directed IRA LLCs at https://bitcointalksearch.org/topic/how-and-why-to-hold-bitcoins-in-your-roth-ira-yes-you-can-do-it-today-396783
I could have saved a bunch of money in taxes if I had learned earlier that it is already possible to invest directly in bitcoin in retirement accounts. We don't need SecondMarket or the Winklevoss ETF. For about $1500 and a modest amount of effort, anyone can set up a self-directed IRA, which invests in your own IRA LLC, which invests directly in bitcoins.
Soon I'll have bitcoins in my Roth IRA, growing completely free of capital gains taxes. And the side benefit was that I politely told Fidelity that they are losing actual business by not providing an easy way to invest retirement funds in bitcoin. If they turn around and start a bitcoin mutual fund, I'll be expecting a lot of you to be thanking me!
More info on self-directed IRA LLCs at https://bitcointalksearch.org/topic/how-and-why-to-hold-bitcoins-in-your-roth-ira-yes-you-can-do-it-today-396783
nice to know but soon Fidelity and others will change their mind.
Someway predicted, it still need sometime for bitcoins to be used in investments and few debates and conflicts to pass through. also for some stability in price.
I was thinking about this thread when I recently told a representative of Fidelity's Portfolio Advisory Services that I'm not unhappy with them, but I want more exposure to bitcoin in my Roth IRA, and Fidelity doesn't seem to provide a way to get that exposure, so I'm transferring a portion of my funds to a self-directed IRA LLC.
I could have saved a bunch of money in taxes if I had learned earlier that it is already possible to invest directly in bitcoin in retirement accounts. We don't need SecondMarket or the Winklevoss ETF. For about $1500 and a modest amount of effort, anyone can set up a self-directed IRA, which invests in your own IRA LLC, which invests directly in bitcoins.
Soon I'll have bitcoins in my Roth IRA, growing completely free of capital gains taxes. And the side benefit was that I politely told Fidelity that they are losing actual business by not providing an easy way to invest retirement funds in bitcoin. If they turn around and start a bitcoin mutual fund, I'll be expecting a lot of you to be thanking me!
More info on self-directed IRA LLCs at https://bitcointalksearch.org/topic/how-and-why-to-hold-bitcoins-in-your-roth-ira-yes-you-can-do-it-today-396783
I could have saved a bunch of money in taxes if I had learned earlier that it is already possible to invest directly in bitcoin in retirement accounts. We don't need SecondMarket or the Winklevoss ETF. For about $1500 and a modest amount of effort, anyone can set up a self-directed IRA, which invests in your own IRA LLC, which invests directly in bitcoins.
Soon I'll have bitcoins in my Roth IRA, growing completely free of capital gains taxes. And the side benefit was that I politely told Fidelity that they are losing actual business by not providing an easy way to invest retirement funds in bitcoin. If they turn around and start a bitcoin mutual fund, I'll be expecting a lot of you to be thanking me!
More info on self-directed IRA LLCs at https://bitcointalksearch.org/topic/how-and-why-to-hold-bitcoins-in-your-roth-ira-yes-you-can-do-it-today-396783
This doesn't seem like too much of a surprise. In its current state bitcoins are fairly unstable in price, and IRA's/mutual funds want much more long term stability and reliable growth. Bitcoins just don't really match the profile that Fidelity wants to offer. Hopefully you guys are right though that they are still considering it.
I just spoke with a reliable source at Fidelity.
"They are still reviewing and don't have a timeframe" They certainly were not closing doors to this. It sounds like a few "beta" customers are in place right now.
"They are still reviewing and don't have a timeframe" They certainly were not closing doors to this. It sounds like a few "beta" customers are in place right now.
Ironically just 10 minutes back I was browsing SecondMarket's website and reading about the IRA's to go live in first quarter of 2014.
Let's see how long Wall Street's gotta wait.
Let's see how long Wall Street's gotta wait.
Fidelity's move is no surprise. Bitcoin is still a persona non grata to the US investment and banking institutions.
So they are increasing the barrier to entry to investment for the common man, yet leaving the door wide open for the wealthy to take advantage.
They just pulled the plug on Bitcoin.
http://blogs.marketwatch.com/thetell/2013/12/12/fidelity-halts-bitcoin-investments-from-iras/
http://blogs.marketwatch.com/thetell/2013/12/12/fidelity-halts-bitcoin-investments-from-iras/
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