Welcome to Ask Clark, a column by money expert Clark Howard to answer your financial questions.
Is a Bitcoin IRA a Good Investment?
Brian from South Carolina asks: “I am currently investing in Bitcoin and was curious what you think of Bitcoin IRAs [Individual Retirement Accounts] and which company would you recommend. “
Clark takes on the Bitcoin IRAs
Clark says: “This is a hot thing right now. You can either create a Bitcoin savings account or Bitcoin IRAs and earn 6 to 10%. I saw a story last week where people were offered 12% of their money. “
“It’s a speculative venture and not for the faint of heart. I do not recommend Bitcoin IRA. I recommend much more conventional investing for retirement. “
In Clark’s opinion, not only is investing in a Bitcoin IRA a very risky way to save for your retirement, but depositing money in cryptocurrencies is generally not a solid financial move.
You may still be intrigued by cryptocurrencies, and if so, keep this advice from Clark in mind:
“If you like Bitcoin and other cryptos and want to be a part of it … it has to be money that you don’t lose sleep on when you’ve lost most or all of it.”
Read more about Clark’s investment advice on Bitcoin.
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