Planning on investing with an Retirement Account (IRA, SEPA, 401K).. Seems convenient and the company may be highly trustworthy but is it an overall wise decision.
I recently discovered you can rollover all or some of your retirement account in Bitcoin. Up until a week ago, I had no idea it was possible. Yeah sure, I knew about rolling over your savings to invest in Gold/Silver but cryptocurrency seems a bit (too too) volatile to take a such a risk.
Keeping in mind cryptocurrency has only been around 10 years and while 10 years may sound like a very long time, it's not when you're deciding whether you should gamble with your nestegg.
Yup that's right I said gamble..
I'm one to be caught up in the hype about Bitcoin hitting and hitting above the $20,000.00 mark but that's all it is enthusiasm and quite frankly that's all it should be.
Because cryptocurrency should not be taken out of the category of a very risk investment product offered as an alternative to the traditional, long withstanding bank savings and 401k accounts.
Banks and companies offers alternatives investment products for customers who want to increase their savings with a little interest and that's cool. However, what's not cool is for me emptying out my IRA or 401K in an investment product that could be as high $20,000.00 one minute and as low as $0.00000001 the next minute. Crazy to think about right? That's because it is it.
At least with Gold/Silver you will not stand to lose as much as 5% - 10% of your retirement savings and it has been and will continue to outperform any and every investment in the history of the world. If Gold/Silver were 10 years old, I would feel the same about it as well.
So what's the most anyone should invest w/A Retirement Account in cryptocurrency? It should be no more than $500. It is a very safe amount of money and even then you should not diversify. You should be able to make a firm decision going all in on one for $500 or two splitting the difference.
For example, $500/Bitcoin - $500/Litecoin or $250/Bitcoin and $250/Litecoin or whichever one or two you think has the potential to help reach your goals.
It's not only wise but it's good common sense investing and saving because you don't want to end up like the guy in the picture!
