The cryptocurrency market surged this week as speculation over the pending approval of a Bitcoin-based ETF propelled Bitcoin’s value to its highest figure since June 2022. The 6% gain saw Bitcoin reaching just over $35,000, or almost twice what it started the year with.
While certainly a volatile asset subject to dips and bounces, Bitcoin’s steady rise is predicted with the SEC’s approval of any of the Bitcoin ETF applications it is currently considering – and many signs are indicating that the approval is imminent. It helps that one of the applications the SEC is reviewing comes from BlackRock, one of the largest trading companies in the world, and one with a nearly flawless application approval rating with the SEC.
Another factor is the SEC’s apparent acceptance of a court ruling that the agency wrongly rejected a Bitcoin ETF application from Grayscale Investments. With that ruling, the SEC is much more likely to given open consideration to the other ETF applications in its docket.
With BlackRock’s expertise and industry muscle behind the leading application, and the SEC already admonished for not approving Grayscale’s ETF, the signs that a Bitcoin ETF will be passing soon are clearly enough for investors to dive in as they did this week.
When a Bitcoin ETF passes, it will open the asset up to casual investors and make it easier for people to purchase and trade the currency. With new investors poised to enter the market, others are increasing their holdings to take advantage of the new demand.
But what if there was already an even easier way to tap into the cryptocurrency market now, and take advantage of all that incoming growth? Better yet, what if those investments were tax-free and came with other tax benefits down the road? I’m talking, of course, about a Self-Directed Bitcoin IRA, which functions like a traditional IRA – in terms of the tax benefits that come with it – but has the added benefit of being driven by the cryptocurrency market.
Consider how the value of Bitcoin has doubled since the start of the year, and how that could benefit your retirement savings in the long run. As a long-term investment, Bitcoin is becoming a widely accepted asset around the world, further fueling its demand in emerging markets and first world countries alike.
Inflation and instability with fiat currencies – from the Turkish lira to the American dollar – is leading many investors to consider alternatives to hedge their savings against losses. Bitcoin, along with ether and other established cryptocurrencies, is becoming increasingly popular for diversifying portfolios as a result. The window to get in and join the cryptocurrency revolution is wide open.
If you’d like to find out how to make the future of money part of your retirement plan, contact us today at BitIRA and we’ll walk you through each step of the process to set up a cryptocurrency IRA account in full compliance with IRS requirements.