- Chris Kline, COO of Bitcoin IRA talks about various services provided and future plans.
- He addresses the new feature of interests provided on IRA.
- Talks about giving customers more control and tackling volatility.
An interview was held recently by LearnBonds.com with the Chief Operating Officer of Bitcoin IRA, Mr. Chris Kline. In the interview, Mr. Kline explained and provided a perspective on various crucial topics like the future of the cryptocurrency market, China, etc.
Bitcoin IRA is an American company that provides a full-service solution enabling customers to invest in Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash and Ethereum Classic using your Individual Retirement Account (IRA). It is a transparent, simple, safe and straightforward process of achieving retirement goals using cryptocurrencies.
To begin with, Mr. Kline talks about the establishment of Bitcoin IRA, considering that there aren’t many cryptocurrency companies that focus on retirement, in particular. He says, that their journey began with investments in real estate, gold, and precious metals for retirement purposes almost 10 years ago.
Once the crypto market took off, they believed that since Bitcoin acts like gold in terms of a store of value and acting as a protection against other economic meltdowns, it could be a good investment for retirement accounts. Kline says, that it took 18 months to build the first turn-key solution for an IRA. That marked the launch of Bitcoin IRA in 2016 and it is the largest Bitcoin IRA firm today with nearly 4,000 clients.
Addressing the volatility of the crypto market, Kline said that, with context to Bitcoin IRA, they have tried to provide as much control to the account holders to keep up with the fast-paced crypto market. Account-holders self-direct their transactions and they also have a 24/7 self-trader with continued uptime to give clients as much control over their IRAs as possible.
Also, instant cryptocurrency swaps, i.e., the ability to switch from one cryptocurrency to another instantly, has made the process much faster and easier. As for the future of the IRA industry, their intention is to remain as the catalyst for the product that they created, i.e., Bitcoin IRA.
Talking about their new service to lend retirement assets for interest, Kline says this feature will make the common public more comfortable with cryptocurrency. Akin to banks who provide interest on deposits, they intend to do the same with IRAs. Since IRAs are held for longer periods of time, the customers may earn a substantial amount of interest in their crypto and cash positions.
When asked about the low-interest rates imposed on retirement funds by various Central Bank, Kline’s response was that he supported the “get off zero” development which proposed each benefits finance, gift, cash chief, private capital firm, individual, and so forth ought to consider a little position in crypto.
The crypto market has seen massive returns and coupled with traditional stocks and investments, it can be a strong asset. He also says that Bitcoin IRA is in a very cooperative relationship with regulatory entities and their dynamic is very transparent and open to questions and queries, so regulation is not a major issue for the foreseeable future.
Talking about the future of Bitcoin IRA, they are planning on adding new coins to the platform, but they intend to be very cautious and do not want to risk adding smaller coins which may be fraudulent, lose liquidity or have issues with governmental regulation.
Kline also believes that the future of Bitcoin IRA is very promising considering the new features they are planning on rolling out and the various developments in the Bitcoin industry like China’s federal cryptocurrency and Facebook’s Libra.
Talking about Facebook’s Libra, Kline believes that it could potentially change the future of the crypto market because of Facebook’s massive user base. It will also enable people to understand the crypto market better and therefore invest more in the same. He also says that Bitcoin IRA is highly likely to provide Libra with its customers.
Talking about their short-term plans, they are excited to launch interest-earning accounts and believe that it could considerably benefit their customers. They also have a lot of exciting projects lined up for the future.