The Bitcoin IRA

12 December 2013 | By Joshua Brustein | businessweek.com

rsz_bitcoin_ira (1)( Updates second paragraph to reflect Fidelity’s decision to end its participation with SecondMarket.)

If you want to bet long on Bitcoin, what better way than to put some in yourretirement account?

SecondMarket, a finance startup that has helped people invest in privatetechnology companies, has been gathering the virtual currency into the BitcoinInvestment Trust. It has been buying Bitcoin for several months and currently holds about $70 million worth. About 90 people have invested in the trust. While SecondMarket makes direct investment available only for accredited investors or financial institutions, it also has worked out arrangements with several self-directed IRA platforms, including Pensco and Entrust, so that people can use their retirement accounts to invest in Bitcoin in increments as low as $25,000. Fidelity had also been involved but says it has decided to end its participation with the SecondMarket program.

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