Chainlink

Investing in LINK With a Chainlink IRA

Chainlink’s ability to merge on-chain security with off-chain data makes it a valuable cryptocurrency. This will only be aided by the continued growth of DeFi and other blockchain-based industries that require accurate, trustworthy off-chain data to succeed. BitIRA does offer a Chainlink IRA, so to take advantage of a Chainlink IRA, you can start by contacting one of our digital currency specialists. LINK could add to the already great returns produced by BitIRA investments. In 2020 alone, every dollar invested via BitIRA grew by 297%.

Why Open an SDIRA?

Not all retirement accounts allow you to hold alternative assets like cryptocurrencies. But luckily, SDIRAs do. Compared to a conventional IRA, a Self Directed IRA (SDIRA) offers you complete control and autonomy over your retirement nest egg. Most conventional IRAs limit investments to specific assets like stocks, bonds, and mutual funds, but don’t offer the ability to invest in other asset classes. Alternatively, an SDIRA lets you choose from almost any asset you want to include in your retirement account.

Because SDIRAs give you complete autonomy over your investments, it’s up to you when to buy, sell, and trade the assets in your SDIRA account. But this doesn’t mean you have to be alone in your retirement planning. While BitIRA is not a custodian, we recommend working with a trust company like Equity Trust Company or Preferred Trust Company as your SDIRA custodian. A trust company will make all necessary disclosures and handle tax-related and administrative details on your behalf.

You can use your SDIRA to purchase cryptocurrencies and get all the benefits of a retirement account along with the investment opportunities of digital assets. An SDIRA lets you:

• Add cryptocurrencies to your IRA. A 2014 IRS ruling on digital currencies said that cryptocurrencies were eligible to be held in SDIRAs.
• Purchase the Chainlink cryptocurrency through your BitIRA SDIRA for your retirement savings. This is in addition to other digital currencies like Bitcoin and Ether.
• Combine your cryptocurrency holdings with other assets. An SDIRA lets you hold cryptocurrencies alongside precious metals, stocks, bonds, and many other assets in one retirement account.
• Invest on your own, without being alone. You can have complete control over your investments while still working with a custodian to help manage the administrative and tax details for you.
• Diversify, diversify, diversify. Your retirement portfolio can never have enough diversification. Diversification is proven to reduce portfolio risk while still capturing returns, and alternative assets are a great way to diversify your portfolio. As a result, 79% of institutional investors have some part of their portfolio allocated to alternative savings, with 58% invested in more than one alternative asset class. An SDIRA allows you to diversify your holdings in any asset class of your choosing, thereby increasing your return potential and hedging against any type of risk.
• Security against theft. Investing in cryptocurrencies might seem daunting, but investing via BitIRA’s solution means you are protected with a secure, fully insured SDIRA. BitIRA’s solution provides enhanced security measures like multi-encryption, multi-factor authentication, and cold storage to protect against account theft. And, if there were to be any adverse event (except for market movements) that caused a loss of funds, whether it’s hacking, embezzlement, or an earthquake, you are fully protected with $100 million end-to-end insurance coverage on your account. This automatic prudence is built directly into every BitIRA account, no matter the balance.