Investing in cryptocurrencies (the mechanics of converting cash to Bitcoin, Ethereum, Litecoin and the like) was difficult to do for years. It’s been quite the evolution:
- At first, you had to “mine” them or strike a deal over the internet and do a person-to-person transfer using bewildering early “wallet” software;
- Later came complex trading exchanges, often based in far-flung jurisdictions from Japan to Estonia, which quite often found themselves hacked;
- There were even, eventually, ATM-like machines in places like cryptocurrency conventions where you could pop in a credit card, then… go through a process hardly anyone could follow!
And via all of these half-baked methods, you often had to convert cash into other intermediary tokens/currencies before you could actually buy the crypto you wanted in the first place.
Then once you did buy them (often at great expense, getting hit with enormous fees and ‘spreads’ all along the way), there was the tax situation. Between ill-defined-to-nonexistent IRS laws and the rapidfire nature of crypto trading, it all added up to one unavoidable nightmare.[1]
Thankfully, that’s all changing rapidly. We’ve seen the rise of startup apps that make the process much simpler. Still, none really addressed both the transactional complexity AND the massive tax issues for US residents. Now, even that is changing.
Equity Trust, leaders in the self-directed IRA space with over $25 billion in assets under administration and our preferred partner for gold IRAs, now offers a simple, elegant, one-stop solution that solves both issues: The cryptocurrency IRA.
Cryptos are going mainstream; there’s no doubt at this point.
And Equity Trust is among the first to provide U.S. residents a simple-to-use, tax-advantaged way to access to the most popular digital coins...