The company, which allows consumers to invest in bitcoins on a tax-free basis, says that demand has increased in recent months.

ITrustCapital allows Americans to access the world’s largest digital currency through an individual retirement account, also known as an IRA. This money allows owners to participate in a variety of alternative investments, such as digital assets, precious metals, and real estate.

According to the trading platform, an increasing number of investors are shifting existing pension accounts from traditional financial institutions, which usually only offer stocks and bonds. Interest in cryptocurrencies has been driven by a number of high-profile advertising campaigns in recent times, and some are starting to see Bitcoin as a haven for inflation and massive stock market sales.

There is another factor: the IRS ‘desire to restrict the use of cryptocurrencies. ITrustCapital says the message is clear: “There is no excuse for investors not to track, report and pay taxes on every cryptocurrency transaction unless it’s in a separate, tax-exempt IRA account.”

Anthony Bertolino, Client Relationship Manager, explained: “Buying and selling on an iTrustCapital account is very similar to using Coinbase. You only need to log in and shop with just three clicks. What sets us apart from others is that our users do not have to worry about taxes, because our accounts are IRAs accounts. ”

Crypto isn’t necessarily taxed
ITrustCapital believes that tax-free options will become more and more popular as more investors begin to explore what these bitcoins have to offer. The company says this approach provides similar benefits with investing in traditional digital currencies, but without much of a hassle. To reduce barriers to entry, the company also provides its customers with institutional storage and wallet security through Curv, a company that “sets the standard for digital activity security”.

More information here
Todd Southwick, CEO of ITrustCapital, announced the partnership in July 2019: “We chose Curv because it is so important to keep our clients’ funds safe. By completely deleting the private key from the transaction and relying on mathematics instead of hardware, we ensure that no person or program can Than completing the transaction on his own. ”

Given how freelance IRAs are used to prepare for retirement, peace of mind is crucial. For this purpose, investors will also have access to a $ 50 million insurance policy through Munich Re, an international insurance company rated by S&P AA.

Good news for the industry?
Bitcoin has been particularly popular among thousands of years, and substantial capital inflows are expected in the coming years. According to iTrustCapital, the proposed duty-free trading model will help increase this number even further. Tim Schaller, an economist at the consulting firm, said: “We expect that technologies like blockchain and digital assets will create a new segment that, combined with access to retirement capital, will lead new ways to use tax-free accounts. We expect to shift $ 1.5 trillion into this new asset class in In five to seven years.

While there are a number of IRA providers that open access to cryptocurrencies to investors, the company says it is important for interested consumers to do as much research as possible on the fees these providers charge. In a recent blog, Blake Skadron, CEO of iTrustCapital wrote: “My first cautionary knowledge when I research products or services is whether they clearly show prices and fees up front. If you need to talk to someone to find out how much it will cost, you probably pay Lots. “

Source: CoinTelegraph