This article will provide a look into whether or not buying Dogecoin with a Self-Directed IRA or Solo 401(k) is a wise financial decision.
When investing within an IRA, there are better and worse investments. If you have a self directed IRA account, dogecoin may be one of those investments that allow you to take full advantage of the tax benefits that retirement accounts offer.
Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. Think of it as “the internet currency.” Dogecoin has been rapidly growing in popularity since its introduction in late 2013.
Dogecoin derives its name from the popular Shiba Inu breed of dog which first gained mainstream exposure in 2010 thanks to an online viral video known as “The Shiba Inu Song”.
Since its launch, Dogecoin has become technically more advanced than many other digital currencies. It is currently one of the top 10 digital currencies based on its market capitalization which now exceeds over 70 million US Dollars. It is also one of the few digital currencies that has seen growth over the last year.
Dogecoin is also intended to be fast – it takes only about one minute or less to generate a DOGE block (which is every 1 minute 40 seconds).
Why Use Retirement Funds to Buy DOGE?
Dogecoin has experienced massive growth in value since its launch, making it an appealing investment for your self-directed IRA.
There are several ways to hold Dogecoin in your Self-Directed IRA: you can purchase and hold the coin directly or you can invest in a mining pool . There is no so-called “standard” investment, but there are options that would allow for greater diversification of your retirement account assets.
Dogecoin could be purchased directly by your self-directed IRA, but you will have to open up a digital wallet before you can buy Dogecoin. Be sure to research the various wallets available, including choosing between online and offline wallets.
Don’t forget that this type of wallet is expected to become commonplace in the future as it will make for easier and safer transactions.
You can also purchase Dogecoin through a mining pool which will allow you to use more of your IRA funds for the initial investment, but it may entail a slightly higher risk due to the fact that you would be investing in an external source beyond your IRA’s control.
Since most digital currencies are not stocks or bonds and there are no specific forms for you to fill out when investing in a self-directed IRA, you must use your imagination and ingenuity.
Investing in Dogecoin with your Self-Directed IRA.
In other words, you will have to figure out the best way to store the Dogecoin yourself so that it can be used for further investments or saved as an asset. You will need to set up your own secure wallet. You can find out more about securely storing your digital currency by consulting with a IRA Cryptocurrency professional who will be able to provide you with a greater level of advice and expertise on how to get started investing in Dogecoin with your Self-Directed IRA.
Dogecoin is one example of what could be the future of “currency.” With a market cap in excess of 70 million US dollars, Dogecoin has already demonstrated significant growth. Could this be the beginning of a new wave of alternative currencies?
Dogecoin is certainly a viable option to consider when investing with your Self-Directed IRA, but it’s important to be aware that cryptocurrencies are still relatively new and there is significant risk involved in purchasing digital currency, especially outside of your Self-Directed IRA.
Contacting an expert
There will likely be an increasing need for Crypto-Currency professionals as the market grows and the legal landscape evolves so it is advisable to consult with one before you invest. You can find out more about investing in Dogecoin with your IRA by contacting an expert at American Bullion.
Dogecoin can be purchased directly or through a mining pool for your Self-Directed IRA account according to the links below. Please consult with one of these trusted professionals if you are interested in investing with your IRA.
– American Bullion (NY)
– iiTrader (CA, NV, MI, IL, TX, FL)
– Golden Arrow (NV)
– Regal Assets (FL) # # # Disclaimer: The content of this article is provided as general education and information purposes only