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.
To hear how Clark fully answers this question, listen to the segment:
Do you have a question for Clark? Use this form to ask him! And remember, you can always listen to the Clark Howard Podcast here.
If you have a question but don’t want to go on the air, contact Clark’s Consumer Action Center for free help.
Comments are closed.