crypto currency

[james.hendrickson]

Has anyone ever held a bitcoin in their hand? I'll leave it at that.

Anyone invest in the hawk tuah crypto? That worked out well for everyone.

No doubt, most crypto tokens are basically worthless. BUT - the incoming administration is pro-crypto and pro-tech, which means a favorable regulatory environment for those currencies that are legit, such as bitcoin or Ethereum.

[QuarterMillionMan]

My seed phrase is written on paper. Should a fire occur my Ledger which has $62,000 will be lost. For $20, I'll be buying a metal seed phrase plate where I'd etch my seed phrase onto the metal plate.

[QuarterMillionMan]

This might be a simplistic view that I have between people who own cryptos and people who don't. Let's start with people who don't own cryptos in my view trust their government. People like me who own cryptos do not trust the government. Just a generalization of mine.

[QuarterMillionMan]

Let's say you're not an American and either a Nigerian or Venezuelan and given a choice of being paid in USA dollars, Chinese Yuan, or bitcoin. Which would you choose? I would take bitcoin over USA dollars or Chinese Yuan any day.

[QuarterMillionMan]

I bought $2200 worth of XRP beginning in November. Today the unrealized gain is $2100, not bad.

[LivingAlmostLarge]

I still don't get crypto. I don't understand how to invest it it still other than it's something you say it's worth $X like buying tulips. It's what someone else will buy it from you for.

[QuarterMillionMan]

On 12/8/24 I requested a direct transfer in cash $52,000 from custodian A (traditional brokerage) to custodian B (crypto brokerage) in my Roth IRA accounts. On 1/31/25, the funds finally settled in custodian B which is a crypto Roth IRA account. It took almost 2 whole months. Will be using these funds to buy BTC exclusively. This question might seem quirky to some since it involves buying bitcoin but let's say you would be buying stocks with this money would you buy it all at once or dollar cost average overtime let's say $5000 per week.

[disneysteve]

This question might seem quirky to some since it involves buying bitcoin but let's say you would be buying stocks with this money would you buy it all at once or dollar cost average overtime let's say $5000 per week.

Dollar cost averaging is a method to invest money that you don’t have yet. When you have a lump sum available, invest a lump sum.

[kork13]

This question might seem quirky to some since it involves buying bitcoin but let's say you would be buying stocks with this money would you buy it all at once or dollar cost average overtime let's say $5000 per week.

It's really not much different that any other "Lump Sum vs. DCA" question that we see here all the time. So the same "normal" advice applies, though with higher risk (related to the higher volatility risk that BTC presents) --- In general terms, "Time in the market beats timing the market" ... so when you've got the money available to invest, invest it. Of course, if the volatility risk makes you nervous, spreading out your investment over a short period of time (say, weekly across 4-6 weeks) is also totally fine. Really, the "best" answer is just to do whatever helps you sleep at night.

I'm not really sure if this entirely applies to commodities/currencies, since they don't actually grow/create income ... but it's likely still best/simplest to follow the standard advice.

[QuarterMillionMan]

I'm getting cold sweat thinking about a lump sum of $52,000 in bitcoin. Today's price of one bitcoin is $101,000 so I can buy 1/2 of a bitcoin. Bitcoin trades 24/7 but I think I'll wait until Monday during business hours.

[disneysteve]

I'm getting cold sweat thinking about a lump sum of $52,000 in bitcoin.

Then that’s your answer. If a lump sum makes you nervous, don’t do it.

[QuarterMillionMan]

Yes both you and kork are right and to do what is in my comfort zone. Lump sum was making me nervous.

[QuarterMillionMan]

Just bought $1111.11 worth of bitcoin w/a 1% fee and they add about $300 to the spread where the execution price was $101,000 when the actual spot price was $100,800 but that is the price of doing business. Tomorrow will buy another $1000.

[QuarterMillionMan]

Bought another $2000 worth of bitcoin today at $98,000. I hope it keeps dropping where I'll buy more on the way down.

[QuarterMillionMan]

Bought another $2222 worth of bitcoin at $94,000. Big sale and will keep buying should it keep dropping.