Is Fidelity Crypto IRA Available in California? Here’s What You Need to Know

The world of retirement investing is constantly evolving, and the recent emergence of cryptocurrency as a potential asset class has sparked considerable interest. Fidelity, a well-established financial services provider, recently launched its Fidelity Crypto IRA, allowing individuals to invest in cryptocurrencies like Bitcoin, Ethereum, and Solana within a tax-advantaged retirement account. This move has been met with enthusiasm by many looking to diversify their long-term savings with digital assets. 

However, for residents of California, this exciting new option is not yet available. Currently, Fidelity Crypto IRA services are not offered in California or Oregon. While Fidelity has launched its standard Fidelity Crypto platform for direct trading of cryptocurrencies in California, the IRA version remains out of reach for the state’s residents. 

California Retirement Landscape: A Snapshot 

California boasts a significant population nearing retirement age. By 2040, it’s projected that 22% of Californians will be 65 or older, a substantial increase from 14% in 2020. This demographic shift underscores the importance of robust retirement savings options for the state’s residents. 

Unfortunately, statistics reveal that a significant portion of Californians face challenges in securing their financial future. A 2019 study by the UC Berkeley Labor Center indicated that over half of California’s private sector workers aged 25-64 had no savings in dedicated retirement accounts. This lack of retirement assets highlights the need for diverse and accessible investment vehicles. 

The average retirement age for CalPERS (California Public Employees’ Retirement System) members who retired in the fiscal year 2023-24 was 61.5 years. The average monthly retirement payment for all CalPERS retirees during that period was approximately $3,652. These figures provide a glimpse into the current state of retirement for a segment of California’s workforce. 

BitcoinIRA¹: A Crypto IRA Option Available in California 

While Fidelity Crypto IRA is not yet an option for Californians, residents of the Golden State, and indeed all 50 states, have access to BitcoinIRA. This platform specializes in offering self-directed IRAs that allow investment in a wide range of cryptocurrencies. 

BitcoinIRA provides a way to potentially grow your retirement savings with digital assets within the tax advantages of an IRA. They offer various account types, including Traditional, Roth, and SEP IRAs, allowing individuals to choose the option that best suits their financial situation and tax planning needs. 

Key Features of BitcoinIRA: 

• Availability Across All 50 States: Unlike Fidelity Crypto IRA, BitcoinIRA is accessible to residents in every state, including California. 

• Wide Range of Cryptocurrencies: BitcoinIRA offers a broader selection of cryptocurrencies beyond Bitcoin, Ethereum, and XRP, including over 75 different digital assets. 

• Tax-Advantaged Growth: Similar to regular IRAs, investments within a BitcoinIRA can grow tax-deferred (Traditional and SEP) or tax-free (Roth), depending on the account type. 

• Secure Custody2: BitcoinIRA partners with regulated custodians to ensure the security of your digital assets. They often provide insurance on custodied assets, offering an added layer of protection. 

• 24/7 Trading: Many platforms, including BitcoinIRA, allow users to buy and sell cryptocurrencies within their IRA around the clock. 

• Dedicated Support: BitcoinIRA typically offers dedicated support to guide users through the process of setting up and managing their crypto IRA. 

Fidelity Crypto IRA vs. BitcoinIRA