In this episode, Carrie Cook, CEO of Preferred Trust, discusses long-term and short-term investments in digital currency. The most popular digital currencies for self-directed IRAs are stable coins like Bitcoin and Ethereum. Cook emphasizes that investing in digital currency through an IRA should be a long-term play, not for day trading. He shares examples of clients who sold their digital currency at a loss instead of holding onto it for the long run. Cook also highlights the importance of doing research and due diligence on digital assets and the security measures taken by custodians like Preferred Trust. He explains the option of setting up an LLC owned by the IRA for clients who prefer short-term trading. The conversation concludes with a discussion on the security measures taken by Preferred Trust and the challenges of identifying digital currency transactions.

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