I'm moving all my CASH into CRYPTO! - I'M SO SCARED RIGHT NOW!!!!!
Made a decision that I'm going to start moving the majority of my investible liquid assets into the crypto market. I'll be doing this though the rest of the year, and on a go-forward basis.
I've mentioned before that there is no easy way (yet) to diversify my net-worth into crypto without actually having to make purchases on the exchange, or start a small scale mining operation. Something that solves this problem would be a diversified investment vehicle that could be purchased on my behalf or automatically, and preferably available to me through my employer.
I understand this may be asking a lot (having BTC or other crypto purchased for me), but the recent news from Fidelity and their inclusion of a portfolio management tool for an individual's bitcoin holdings is very interesting. Fidelity has been outright about their thoughts on crypto, and realize that it can and will disrupt the financial services industry.
While I'm not saying a vanguard based solution or something similar is the best solution, I believe that it may be a way for the average person to increase the exposure to this new asset class. If I had the option to put a percentage of what comes out of my paycheck into that would typically go to my 401k but could also be used to purchase bitcoin or another crypto... I would sign up immediately.
One thing that would make the Roth IRA route somewhat of a non starter is the fact that we yet to have defined legislation around cryptocurrency and taxable events, capital gains in particular.
I wouldn't mind a direct deposit straight to my TREZOR Wallet in bitcoin either... It will be interesting to see if a vendor attempts to bring this functionality to large corporates. I suppose targeting C-suite executives at payroll services and SAP or Oracle integration might be necessary.
With that being said, I have no plans to cash out of my 401k and dump it into crypto. I enjoy the diversification of low-cost index fund investing for the long term to supplement my new found love for blockchain based investments.
Best of luck! Look into different programs as well.
I personally lowered my IRA to the minimum of $25 a month, since I've been in crypto. My 401k through work has remained the same, as I get a 50% match.
My major holdings now is silver & crypto and I'm very happy at the moment.
thats awesome. I probably contribute $150ish per paycheck to my 401k, so i'll be keeping that the same. Get 100% match up to 5%, plus my 9% i'm putting away, plus another 2% given by my company lol. I have a Roth IRA with etrade as well... but i think i'm going to stop contributing since i have exposure through my vangaurd roth ira
Nice. I'm very similar. I do $25 a week into my 401k with a 100% match. I started a Roth IRA with $160 a month. Then I lowered to $100 a month. Now I'm down to $25 a month. I recently took $1,500 out of my Roth IRA to purchase a new computer (it is time for a major upgrade as well as being able to make better Youtube videos). Both my 401k and Roth IRA we both heavily invested in the vanguard indexes.
If you're interested, there are some interesting investment opportunities in cryptocurrencies that have the potential to out-do traditional 401k and IRA investing. I don't want to be one of those guys spamming my referral link. Just let me know if you're interested in something like that, even if it's just to learn about it and not invest. :)
Taking a big step!
I wish you all the best and hope you multiply your money by tenfold.
The digital age is the future.Remember only 8% of all the worlds money is physical money ;)
good point!!!
If you are scared you probably shouldn't be doing it lol
In all seriousness, well done and good luck :)
Lol - i don't know if its faith, or fate... but something tells me this is the move.
Regarding the portfolio part Bancor is working exactly on that, they are not there yet but we will see something in 2018.
Regarding the first part I don't think we will see anything in 2018... It will take much longer before govs decide to adopt crypto solutions... they first need to figure out how to make everybody paying taxes......
Yeah. The tax issue is definitely something that needs to be solved. While i would obviously prefer not to pay taxes on my gains, I have no problem doing so once the functionality becomes integrated into all of the exchanges, coinbase, gemini, etc. Best case scenario they give everyone a pass and start taxing gains in like 2020 ROFL. Nevada has taken a stance not to tax crypto I believe... could mean that a few heavy hitters make the move out west to avoid paying a few million in taxes... that might be the way to go!
That's possible, but every time a government needs money they have no problems to change their ideas... I don't think they will activate themselves any time soon, but I'm quite sure they will do it at some points...
Bitcoin top approaching....wait to buy? See my blog for details: https://steemit.com/bitcoin/@haejin/bitcoin-top-is-approaching-usd3-800