Bitcoin/Crypto Currency IRA
- Thread starter Escape08
- Start date
I would not advise it, which means if you do you will approach the mark as the richest person ever.
Look at buying just a little of the good Bitcoin ETF's in your IRA
Vegas will give you free cocktails.
I don't see anything wrong with some exposure to crypto. It's sure made some people very rich. And some lost their shirts.
Get a private wallet, ideally hardware based offline wallet.
Casino has negative expected value. BTC hasn't done that.
I thought the idea of cryptocurrency was keeping the government from knowing about what you have, what you buy and what you sell?
The two bitcoin ETFs that have made money (of the 4 I track) is GBTC & IBIT.
The others two did not.
Too much theft and scamming going on yet for me to invest directly in bitcoin. If that ever settles down, I'd consider it.
The others two did not.
Too much theft and scamming going on yet for me to invest directly in bitcoin. If that ever settles down, I'd consider it.
Yes, this is me.
Will trade it very short term.
I can see a private currency succeeding some day, but bitcoin has too many limitations.
Not to mention the recent Memecoin grift set crypto back a decade at minimum.
Exposure is fine as long as the investor understands the risk and volatility.
100% do not trust anyone else with the private key. Think Voyager.
Get a hard wallet such as a Ledger Nano and a stainless steel word storage device like a Bilfoldl. Then understand that if you lose your words, you have lost your crypto. Be informed.
we're up 4x 
on the bitcoin we bought in our Coinbase acct in 2020 and 2021 with a little mad money.
on the bitcoin we bought in our Coinbase acct in 2020 and 2021 with a little mad money.
Lots of Bitcoin fans here. Since the OP’s post Bitcoin has gone from 125,000 to 80,000. Was anyone able to get USD cash out of it?
Taking cash out of crypto isn't difficult but taxes will be high.
I get ETFs inside TFSA (tax free savings account) which allows cashing without paying taxes. The idea is to buy when price is low and to sell when it's high while avoiding frequent transactions (1-2 per year is ok) as tax man will consider it as trading activity as opposed to investments and will tax you.
I get ETFs inside TFSA (tax free savings account) which allows cashing without paying taxes. The idea is to buy when price is low and to sell when it's high while avoiding frequent transactions (1-2 per year is ok) as tax man will consider it as trading activity as opposed to investments and will tax you.
Want to clarify that? I thought any gains on crypto are capital gains. What did you mean by “ investments” ?
One can open 'Self directed investment TFSA' account which allows buying ETFs inside it and they are treated as investments with profits not being taxable. At least RBC and TD offer those accounts for a few years now.
Interesting. So there are Crypto ETF’s that will sell your Crypto investment and pay you out in cash within your TFSA?
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I don’t want to diss anyone in crypto but why did Warren Buffet dislike it so much?
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