Welcome to Ask Clark, a column designed to answer your financial questions, by money expert Clark Howard.
Is a Bitcoin IRA a Good Investment?
Brian from South Carolina asks: “I’m currently investing in Bitcoin and was curious as to what you think of Bitcoin IRAs [Individual Retirement Accounts] and which company you would recommend.”
Clark’s Take on Bitcoin IRAs
Clark says: “So this is a hot thing right now, pitching that you can do either a Bitcoin savings account and Bitcoin IRAs and earn 6 to 10%. I saw a story this past week, where people were being offered 12% on their money.”
“It is a speculative venture and not for the faint of heart. I don’t 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 putting money into cryptocurrencies is not a sound financial move in general.
You may still be intrigued about cryptocurrencies and if you are, heed this advice from Clark:
“If you like Bitcoin and other cryptos and you want to be involved in that … it needs to be money that you wouldn’t lose sleep over if you lost most or all of it.”
To hear Clark’s full take on this question, listen to the segment:
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More Resources From Clark.com:
- How To Save and Invest the Clark Howard Way
- Best Investment Companies for Investors
- What To Do With a Lump Sum, Inheritance or Windfall