Bitcoin could be on the verge of a new major bull run. According to Tuur Demeester of Adamant Research, in his publication How to position yourself for the rise of BitcoinWe may be in the early stages of a new multi-year bull market that could push bitcoin prices into six figures.
“During this accumulation phase, we expect bitcoin to trade in a range of $22,000 to $42,000, until a new multi-year bull market pushes it well above $120,000,” Demeester noted.
Imagine getting a substantial allocation of bitcoin before this bull run begins – an allocation that could be valued completely tax-free, funded by an old retirement account you may have completely forgotten about!
Step 1: Buy Hardware Wallets
The first step is to get the tools you need to ensure your bitcoin is safe. A hardware wallet allows you to store your bitcoin keys offline, giving you full control of your funds.
Start by purchasing a couple of hardware wallets, like those offered by Trezor or Ledger. Unchained currently supports a variety of devices, including the Ledger Nano X, Trezor Model T, and Coldcard Mk4. Verify The Complete List of Unchained Compatible Hardware Wallets.
For optimal security, it is recommended to purchase directly from the manufacturer, but it is also acceptable to purchase from a trusted third-party retailer, such as Best Buy. This is especially true in the context of multisignature, which eliminates any unique key as a single point of failure.
Make sure you get at least two wallets; You’ll need both to set up your Unchained IRA vault.
Step 2: Create an account on Unchained.com
Then go to Unchained and create an account. The process is simple: provide your name, email, phone number and create a strong password. Unchained takes your privacy seriously.
Once your account is created, select the type of account you need; In this case, we are creating an IRA account. If you prefer personalized assistance, consider opting for Unchained’s Incorporation of conciergewhere a bitcoin custody expert will guide you every step of the way.
Step 3: Create your Unchained IRA account, with no setup or account fees for the first year!
Now is the time to set up your IRA account. With an Unchained IRA, you can save tax-advantaged bitcoins while maintaining full control of your keys. There is no risk to third parties because you have the keys, ensuring that no one else can access your bitcoins.
Setting up an account is simple: there are no setup fees, Account fees don’t start until the second year.and you can see the trading rates on our pricing page. The Unchained IRA offers traditional and Roth options, allowing you to choose the one that best fits your retirement strategy.
Step 4 – Follow the self-service guide for vault setup
After setting up your account, it’s time to set up your multi-signature vault, one of the most secure ways to protect bitcoins. Multisig requires more than one key to authorize a transaction, which mitigates the risks associated with Custodian and exchange hacks.bad business practices or individual errors.
You can set up this secure multi-signature setup in less than an hour using Unchained’s self-service onboarding. Just follow the guide on diy.unchained.com To start, if you are using two hardware wallets to build your vault, you will choose the primary custody model.
Step 5: Roll over your existing 401k/IRA
Next, you’ll need to fund your new IRA, and there are a few ways to do it: an IRA-to-IRA rollover, a 401(k)-to-IRA rollover, or an annual contribution. The most common method is to transfer funds from an existing 401(k) or IRA to your new Unchained IRA.
While this process may seem tedious, especially if your 401(k) administrator needs to issue you a physical check, it is simple. Once you receive your funds, Unchained will convert them to bitcoin with our trading desk and deposit them into your IRA vault.
If you already have bitcoins in another IRA, you can make an in-kind transfer to move your bitcoins directly to Unchained without first converting them to cash. If you would like more information about funding your IRA, we have a complete knowledge base article that’s why.
Step 6: Enjoy the benefits of tax-advantaged bitcoin
Congratulations, your retirement savings are now secured in bitcoin! Unchained offers fixed annual fees. Starting in the second year, you’ll pay a flat annual fee of $250 for your IRA.
Holding bitcoin in a tax-advantaged account combines the inflation resistance of bitcoin with the benefits of an IRA. Most importantly, you remain in charge of your bitcoin, not an exchange or third party. If the bull run is coming as many suspect, Unchained IRA could put you in position to see your retirement savings grow.
This article is provided for educational purposes only and cannot be considered tax or investment advice. Unchained makes no representations regarding the tax consequences or investment suitability of any structure described herein, and all such questions should be directed to a tax or financial advisor of your choice. Market statements or other financial information are obtained from sources we consider reliable, but we do not guarantee the timeliness or accuracy of this information.
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