California-based BitCoinIRA.com announced today the launch of its new “Bitcoin IRA” product, which gives investors the option of diversifying their retirement portfolios with exposure to the innovative digital currency, bitcoin.
BitCoinIRA.com Chief Strategist Edmund Moy, who served as the Director of the US Mint from 2006-2011, views bitcoin and its decentralized nature, as more secure than traditional investments such as stocks and bonds, which are highly correlated to the strength of the US dollar, “I’m thrilled to be working with BitCoinIRA.com at the forefront of this exciting new market.” said Moy.
Moy says the Bitcoin IRA gives investors a way to “protect themselves against a volatile and unpredictable market.” He also believes that bitcoin’s popularity will continue to grow as global financial markets become more destabilized.
According to today’s release, the Bitcoin IRA vehicle holds actual bitcoin deposits for clients in a special “IRA-designed security wallet”, unlike other investment vehicles such as the Bitcoin Investment Trust, a bitcoin exchange-traded fund run by digital currency investors Barry Silbert.
Chris Kline, Chief Operating Officer at BitCoinIRA.com, explained that retirees will now be able to invest in this exciting new currency and that the Bitcoin IRA will “pave the way for more alternative investments for years to come.”
To safely store IRA investor’s bitcoin, BitCoinIRA.com has partnered with Palo Alto-based BitGo, a company specializing in provding enterpise-grade storage solutions for digital currencies.
Jonathan Silverman, Director of Strategic Initiatives at BitGo, said that the company is looking forward to securing the digital currency deposits of Bitcoin IRA investors:
“We are humbled that BitGo’s treasury management and policy controls will facilitate the secure storage and safe access of digital currencies for BitCoinIRA.com and its customers. We look forward to the growing use of digital currencies and the portfolio diversification for retail and institutional customers alike,”
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