Should I Invest in a Bitcoin IRA?

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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.”

Read more about Clark’s investment advice on Bitcoin.

To hear Clark’s full take on this question, listen to the segment:

Do you have a question for Clark? Use this form to ask him! And remember that you can listen to the Clark Howard Podcast at any time here.

If you have a question but don’t want to go on-air, contact Clark’s Consumer Action Center for free money help.

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