Thursday, December 12, 2013

Fidelity Now Allows Clients to Put Bitcoins in IRAs

Bionic Mosquito sends me a link to a MarketWatch story that reports:

Fidelity has partnered with SecondMarket’s Bitcoin Investment Trust to allow its clients to save for their retirement by putting the virtual currency in self-directed IRAs.

“If you are a Fidelity client, you can now invest in the Bitcoin Investment Trust through an IRA,” said Barry Silbert, chief executive of SecondMarket, in an interview.

The Bitcoin Investment Trust is an open-ended trust that launched in late September and only invests in the virtual currency. The trust, which is only open to accredited investors, had $62.6 million in assets under management as of Tuesday.

Bionic with tongue in cheek adds:

I'm quite certain now that the IRS will have absolutely no desire to regulate bitcoin....

I would add that there is no surer sign that an investment will be a loser than Fidelity making it easier to buy the investment. It should be understood that Fidelity is about meeting consumer demand and strong consumer demand for an investment usually means it is well along its up cycle, with the next turn to be down sharply.


  1. "there is no surer sign that an investment will be a loser than Fidelity making it easier to buy the investment"

    This would exclude every security on earth. Fidelity's entire business model is to make all investments as easy as possible for their clients. You need to look yourself in the mirror Robert.

  2. Hey Wenzel, Fidelity changed their minds...

    Does that mean that "there is no surer sign that an investment will be a WINNER than Fidelity making it HARDER to buy the investment"?...Hahaha.

  3. If Bitcoin is a "good investment" than why spend (sell) it? If people are not spending it, then how can it be a good investment? If someone is optimistic about Bitcoin what does that mean? That selling it will become more popular or hoarding it will become more popular?

    1. Jerry, this whole bitcoin dialogue at EPJ must be causing real problems for you. Half the comments are in strong support, half the comments throw water on some aspect of the idea.

      May I ask: how do you decide which position to take, given your regular "piss them all off" MO?