Yes, here are two methods to use:
Full IRA Control:Purchase bitcoins through your IRA LLC bank account/checkbook/debit card.
Some of the primary benefits with this method are:
- Security – Store bitcoin online or offline without the added risk of “third parties”.
- Flexibility – Move in and out of digital wallets, exchanges, hardware and even paper.
- Simplicity – Use your preferred digital wallet like Jaxx, hardware wallet like Ledger Nano S, or buy bitcoins through a platform like Coinbase.
Trusted Third Party:This method carries a significant amount of risk, added restrictions and the fees can be cumbersome…due diligence is a MUST! Make sure they are insured and read all the disclaimers.
- There are currently a handful of IRA custodians (i.e. Kingdom Trust Co.) and third party administrators (i.e. Advanta) who have gone the extra mile to build relationships with cryptocurrency fund managers and wallet service providers.
- With trusted third parties you can expect to pay a premium for the added service. Due to the nature of bitcoins and the risks involved, IRA custodians and TPAs will almost always impose their own restrictions and insist on using their own process for buying, selling, exchanging and storing bitcoins.
The fundamental principal behind Bitcoin is to serve as a peer-to-peer, digital currency on a free global market. As the saying goes: don’t throw the baby out with the bathwater.