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Early in the year of 2017, Kenneth M., a health care provider in his mid-50s, was looking for the right medicine to rejuvenate his retirement savings. Drawn to technology, he found himself watching YouTube videos of business men discussing cryptocurrencies as well as their real-world applications. The actual idea of a blockchain-a technical infrastructure over which information can move quickly, cheaply and securely-made his eyes widen. He was familiar with the barriers that prevent electronic health records from moving smoothly between medical service providers, and he became excited by the problems blockchain might solve.

The doctor liked the thought of purchasing virtual currencies in a retirement account, because utilizing an IRA meant he wouldn’t need to worry about the tax implications of buying or selling inside the account. By way of a Internet search, he discovered Bitcoin IRA, a 3-year-old company that partners with an IRA custodian as well as a cryptocurrency wallet-just like a banking account for virtual currencies-to allow people invest.

So he dived along with a risky bet, sinking 15% of his retirement savings, or $350,000, into Bitcoin as well as other crypto-assets like Ether and Litecoin. As he watched prices climb, he caught crypto fever, pouring in another $250,000 on the summer and deviating from his otherwise disciplined investment style. From May to December 2017, bitcoin IRA surged from $1,747 a coin to $13,545. Ether’s value rose by nine times. Today the physician’s Bitcoin IRA portfolio will be worth $2.5 million, making up greater than 50% of his retirement savings. “It will need me to do some rebalancing,” he says.

But he’s not ready to take his foot from the gas yet, and he’s not by yourself. Amongst the dozen approximately Bitcoin IRA investors Forbes spoke with, only four have taken money from the table to secure gains. “There’s a component of greed, a element of the fear of loss,” says Chris Kline, Bitcoin IRA’s COO, who suggests customers put from 5% to 20% with their retirement assets in virtual currencies.

Bitcoin IRA, based in Sherman Oaks, California, isn’t an economic advisor, and it’s not regulated by the SEC like Vanguard or from the Federal Reserve like Wells Fargo. It’s a largely unregulated “financial conduit” that uses self-directed IRAs, which have been around since the government created IRAs in 1974. Self-directed IRAs let people hold nontraditional assets like real estate, gold and virtual currencies in a retirement account. Since cryptocurrencies are transferred and saved in unique ways, Bitcoin IRA has carved out a distinct segment to assist investors address security challenges. In the event you hold Bitcoin, you need a private key-like a password, simply a string of numbers and letters-to maneuver your money. So extra security is crucial, and that’s Bitcoin IRA’s primary value proposition.

The organization partners with Bitgo, a Silicon Valley cryptocurrency-security startup that works as a wallet and helps to create three unique private keys connected with an investor’s Bitcoin IRA account. Bitgo stores one key itself, gives another towards the IRA custodian, Kingdom Trust, as well as a third to keytern.al, a startup that provides recovery services should your key is lost or damaged. Most of these keys are stored off of the internet, in “cold storage” locations. For the time being, residents of brand new York State can’t use Bitcoin IRA because Kingdom Trust doesn’t have a BitLicense, a state requirement of firms that hold cryptocurrencies.

Any investor can create a self-directed IRA without having to use Bitcoin IRA, and then there are attorneys and specialty firms like San Francisco’s Pensco Trust that may help you invest in a host of alternatives. Investing in a cryptocurrency IRA yourself may require you to create an LLC to purchase the tokens, and you will have to select an exchange, a safe and secure wallet plus an IRA custodian. Because of its one-stop usage of pure-play cryptocurrency IRAs, Bitcoin IRA charges steep upfront fees of 10% to 15%. In addition to that, Kingdom Trust charges about 1% a year on assets.

The wheeler-dealers behind Bitcoin IRA are Chris Kline, Johannes Haze and Camilo Concha, who also run Fortress Gold Group, which helps people invest directly in gold through their IRAs. First-mover advantage and aggressive Google advertising campaigns have allowed them to build the biggest presence in the crypto-asset IRA space, with near 4,000 customers and $105 million in inflows because they began accepting funds in June 2016. Those assets have ballooned to around $287 million due to cryptocurrencies’ soaring prices. Based on the company, their average Bitcoin IRA investor earned a 172% return in 2017.

No real surprise that levels of competition are coming. Two newcomers, Noble Bitcoin and CoinIRA, offer similar services, with fees starting from 10% with an outrageous 25%, based on which token you invest in. Fidelity, Vanguard and Charles Schwab don’t offer self-directed IRAs or cryptocurrency IRA products. But investors in traditional IRAs can select to allocate money to funds like Kinetics Internet Fund, which has 28% in Bitcoin, or American Beacon Ark Transformational Innovation Fund, with 8% in Bitcoin.

Must Read: An Intrepid Investors Guide To Bitcoin As Well As Other Crypto Assets

As with any hysterical gold rush, there are tales of lottery winners. At 60 years of age, Randy Krafft of Terlton, Oklahoma, retired from his job as being a hospital supply-room manager to care for his wife, who had cancer. He saw his retirement savings decrease from $245,000 to $132,000 over eight months, before she passed away. Per year later he threw a proverbial Hail piclne and dumped all his retirement funds (which amounted to $118,000 after fees) into Bitcoin IRA. Today his retirement account stands at greater than $500,000, and that he has wants to travel and make renovations.

In July 2017, Simpath Srinath of Atlantis, Florida, took a five-week hiatus from his job as being an IT manager for his wife’s medical practice to research cryptocurrencies. Right after the 62-year-old pulled his head up, he thought, “This is something that will absolutely change the way forward for finance.” They have since doubled his IRA to more than $2 million, now he’s telling all his friends, “Go on and invest-a minimum of 5%.” Steven Phung, a risk-loving real estate developer from Pasadena, California, who lost 80% of his wealth within the financial crisis, has turned $500,000 into $1.4 million through Bitcoin IRA.

Of course, with Bitcoin prices whipsawing daily, including its recent swoon from nearly $20,000 in December to $10,000 a month later, these crypto-retirees are rolling the dice. Perhaps the only model for responsible Bitcoin IRA investing is the situation of Kelly Nguyen, a 45-year-old entrepreneur in La who sold her specialty pharmacy business, that had revenues of about $160 million, in 2012. Nguyen was already retirement rich, so she committed only 10% of her retirement savings to Bitcoin IRA. After quadrupling her holdings, she cashed out 75% of her initial investment. Now she’s gambli.ng with mostly winnings. “I hardly take a look at my account,” Nguyen says, noting crypto’s hypervolatility. “It can be painful.”