Cryptocurrencies are inherently revolutionary in a world that has grown accustomed to fiat currencies. With President Donald Trump at the helm, more Americans are getting into crypto for the first time. Others have hesitated because of what they perceive as instability.
But it’s not really like that. The days of massive turbulence appear to be behind us, especially with the election of crypto-loving President Trump. His early moves to outlaw Central Bank Digital Currencies and to build a cabinet of crypto-aficionados has kept most currencies in a relatively steady state.
Bitcoin prices, for example, rose immediately after his election and have remained above Election Day prices ever since. There have been ups and downs, but at a rate similar to other investments like precious metals or the stock market.
This is why many Americans are looking into cryptocurrencies to back their retirement with a Bitcoin IRA. The potential upside is tremendous. The Trump administration represents a more stable foundation upon which cryptocurrencies can grow.
But that doesn’t mean there aren’t challenges. There’s a distinct learning curve. There is also the tax burden.
With iTrustCapital, the choices are wide open. One of the key reasons investors use IRAs is the associated tax benefits. There are two main types of IRAs: Traditional and Roth. Traditional IRAs allow for tax-deductible contributions (subject to income limits), but distributions in retirement are taxed as regular income. Roth IRAs are funded with post-tax dollars, but both contributions and earnings can be withdrawn tax-free in retirement (assuming certain conditions are met).
Reach out to iTrustCapital today. Create a free, no obligation account. Then learn if now is the time to advance your wealth into a bright future with cryptocurrencies.
