In this episode, Jeff and I cover:
✓ How Jeff got into the cryptocurrency niche
✓ What is a Self Directed IRA?
✓ Why do we need checkbook IRAs for buying cryptocurrency in our IRA?
✓ Why is checkbook control (a/k/a an IRA-LLC or Checkbook IRA) preferable to an “old fashioned” Self Directed IRA?
✓ What investments are allowed in a self-directed IRA?
✓ What are prohibited transactions in a self-directed IRA?
✓ What are the consequences of a prohibited transaction?
✓ Some other “gotchas” when setting up a self-directed IRA
TO DIVE DEEPER INTO Checkbook IRAs for cryptocurrency investing:
Greyscale Bitcoin Investment Trust (OYCQX:GBTC)
AskKim: Do you recommend GBTC as Bitcoin alternative? (Sane Crypto Episode 017)
SunWest Trust (custodian Jeff uses)
Gemini, itBit, GDAX/Coinbase Pro, Kraken (Brokerage firms that accept LLC accounts)
Prohibited Transactions In An IRA – IRS
Investments You Can’t Hold In An IRA
Bitcoin Standard – Saifedean Ammous (Amazon aff. link)
Jeff’s Website and Special Offer