Chris Kline on Investing With Cryptocurrencies for Retirement
Bitcoin IRA COO and Co-Founder Chris Kline was featured on Thinking Crypto for his executive insights on investing with cryptocurrencies for retirement, the effects of a bear market on crypto, and the future of non-fungible tokens (NFTs). He spoke about regulation, taxes, insurance, and security for digital assets, as well as his entrepreneurial experience.
His journey with Bitcoin IRA started in 2015 in a boardroom with his partners. While discussing assets that can diversify IRAs, including alternative investments, private equity, real estate, LLCs, and precious metals, Bitcoin was proposed. The concept of trading cryptocurrencies for retirement piqued Kline’s interest, and his team spent the next year building the first solution for retirement in crypto savings.
Then, BTC/USD had not been over about $1,200, making Bitcoin IRA trailblazers in the space. They paved the way to put traditional finance together with crypto and decentralized finance (DeFi). From the start, the company believed in the power of community and attributes much of its success to its ability to foster and grow partner and client relationships.
Benefits of a Crypto IRA
Bitcoin IRA allows Americans to invest their retirement portfolios in digital assets that have the same tax shelters as other retirement accounts. Kline noted that clients can open Roth, traditional, SEP, or SIMPLE accounts. The company built a turnkey solution that includes digital wallets from BitGo security as well as competitive insurance coverage.
A cryptocurrency IRA allows investors to diversify their portfolios and take advantage of the large gains crypto may offer while sheltering their money from taxes1. One misconception people have about cryptocurrencies is that they all fall under one asset class in the traditional sense, when that couldn’t be further from the truth.
There are an array of cryptocurrency products that are created for a multitude of reasons, and some are even backed by physical commodities. For example, Pax Gold (PAXG) allows investors to diversify using physical gold without the hassle or additional fees associated with transportation and storage.
Four aspects significantly differentiate Bitcoin IRA from other platforms offering crypto IRAs: coin selection, customer-focused operations, insurance, and security. Kline himself has tested out investing in each of the more than 60 coins currently available on the platform. He holds every single one, with the most significant stakes in BTC, ETH, and PAXG, as a long-term gold investment against currencies.
Adding More Crypto Coins
As BitCoin IRA grew, the company added more and more coins that traders can choose to include in their retirement portfolios. Each new coin is vetted through a series of checklists, ensuring the assets are both secure and liquid.
Kline shared that Bitcoin IRA is constantly evolving as a customer-focused tech platform, striving to bring fresh new features and coin offerings. In addition, the team is working on NFT integration by pushing regulators to reconsider the tax category NFTs fall under, so investors can hold them in their crypto IRAs.
Asset Security with BitGo
Most importantly, Bitcoin IRA takes asset security2 very seriously, Kline emphasized. He explained that his team worked with partners at BitGo to put client accounts behind rigorous security, including multisignature custodial situation wallets3. They also built out administrative controls to bring in and move assets.
Moreover, a meticulous process and cold storage strategy have allowed the company to gain insurance underwriting from financial behemoths like Lloyd’s of London for up to $700 million4 per wallet.
The Future of Bitcoin IRA and Cryptocurrencies
The company has been moving fast over the last few years. They built the first crypto retirement trading platform, the first mobile app, and are adding coins as quickly as possible. The roadmap for the rest of the year aims to position the firm for whenever the next crypto wave comes by focusing on an improved user experience, customer service, and partnerships.
The Crypto Revolution
Kline is excited to watch the crypto revolution unfold. While cryptocurrencies and the other markets fluctuate during inflationary periods, he predicts that crypto adoption will ultimately increase, as will regulation of the industry. As more countries adopt crypto, he sees it as democratizing the global economy.
Additionally, Kline foresees a revolution in web security on the horizon that could result in greater online privacy protections. He’s passionate about growth in the crypto retirement space and looks forward to building more opportunities for traders.
For more cryptocurrency insights, view Thinking Crypto’s recent interview with Bitcoin IRA’s COO and co-founder Chris Kline (linked above) and head over to the Bitcoin IRA website to learn about opening a crypto IRA today!
1Some taxes may apply. We recommend you consult your tax, legal, and investment advisor.
2Security may vary based on asset chosen and custody solution available.
3Wallet providers may vary based on asset chosen and custody solution available.
4Insurance rates may vary based on asset chosen and custody solution available.