BitcoinIRA, a service that offers bitcoin investing for American individual retirement accounts (IRAs), was officially launched today in California. The firm establishes its credibility in a market known for security issues by having Edmund C. Moy, the former Director of the United States Mint, serve as its Chief Strategist.
Moy says: “Bitcoin is unique in that it’s a completely decentralized currency. Thanks to its truly global nature, it has a lower risk of collapse than more traditional investment assets, which depend on the strength of the dollar. I’m thrilled to be working with BitCoinIRA at the forefront of this exciting new market.”
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The firm explains its “Bitcoin IRA” is different from other bitcoin investment options because it allows investors to possess actual bitcoins in an IRA-designed security wallet and not a derivative.
“This is a pioneering event in the retirement industry. For the first time ever, IRA owners can hold actual bitcoin in a private and anonymous securitized wallet. This will pave the way for more alternative investments for years to come. We are thrilled to be a part of this moment in history,” says Chris Kline, Chief Operating Officer at BitCoinIRA.
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For an added sense of security, BitCoinIRA has entered into an exclusive partnership with Silicon Valley based startup BitGo.
“We are humbled that BitGo’s treasury management and policy controls will facilitate the secure storage and safe access of digital currencies for BitCoinIRA and its customers. We look forward to the growing use of digital currencies and the portfolio diversification for retail and institutional customers alike,” said Jonathan Silverman, Director of Strategic Initiatives for BitGo.
“In these increasingly uncertain economic times, digital currencies like bitcoin will continue to grow in appeal and value. BitCoinIRA offers a way for people to protect themselves against a volatile and unpredictable market,” added Moy.
Last year Moy gave a lecture at the Bitcoin Investor Conference in Las Vegas called “Why The World Is Ready For A New Monetary System:”