Bitcoin enthusiasts are buzzing with excitement as speculation mounts about a potential new bull run. Tuur Demeester of Adamant Research recently published a report titled “How to Position for the Bitcoin Boom,” suggesting that we may be on the cusp of a multi-year bull market that could see bitcoin prices soar to six figures.
Demeester predicts that during this accumulation phase, bitcoin could trade within a range of $22,000 to $42,000 before embarking on a new bull market that propels it well beyond $120,000. The prospect of such significant price appreciation has many investors eager to secure a substantial allocation of bitcoin before the anticipated surge begins.
But how can one position themselves to take advantage of this potential boom? One option is to leverage an old retirement account to invest in bitcoin tax-free. Unchained, a leading provider of bitcoin custody services, offers a simple and secure way to do just that through their Unchained IRA platform.
Here’s a step-by-step guide on how to set up your Unchained IRA and position yourself for potential gains in the upcoming bull market:
Step 1: Purchase hardware wallets
To ensure the security of your bitcoin holdings, start by acquiring hardware wallets such as those offered by Trezor or Ledger. Unchained supports a range of devices, including the Ledger Nano X, Trezor Model T, and Coldcard Mk4. It’s recommended to buy directly from the manufacturer for optimal security, but purchasing from a trusted retailer like Best Buy is also acceptable.
Step 2: Create an account on Unchained.com
Visit Unchained’s website and create an account, selecting the IRA option. For personalized assistance, consider opting for Unchained’s Concierge Onboarding service, where a bitcoin custody expert will guide you through the process.
Step 3: Set up your Unchained IRA account
Setting up an Unchained IRA is straightforward and comes with no setup fees. Unchained offers both Traditional and Roth IRA options, allowing you to choose the best fit for your retirement strategy.
Step 4: Follow the Self-Service guide for vault setup
Set up a secure multisig vault using Unchained’s Self-Service Onboarding platform. Multisig requires multiple keys to authorize transactions, enhancing security and mitigating risks associated with custodian or exchange hacks.
Step 5: Roll over your existing 401k/IRA
Transfer funds from your existing retirement account to your Unchained IRA to fund your bitcoin investment. Unchained can assist with converting funds to bitcoin and depositing them into your IRA vault.
Step 6: Enjoy the benefits of tax-advantaged bitcoin
With your retirement savings now secured in bitcoin, you can benefit from the inflation resistance of bitcoin within a tax-advantaged IRA. Unchained offers flat annual fees, providing peace of mind as you watch your retirement savings potentially grow during the anticipated bull run.
By following these steps and leveraging Unchained’s innovative IRA platform, investors can position themselves for potential gains in the upcoming bitcoin bull market. As always, it’s essential to consult with a tax or financial advisor for personalized advice tailored to your individual circumstances.