I’m not a true believer in crypto, but I used to play around with it. I have received a 5-figure USD sum of bitcoin from the MtGox settlement, and I’m considering my options. It is a true windfall. It was worth maybe $100-200 when I used to play daytrader and shop silk road with it.
We are on track for early retirement as it is, but my “smart money” intuition says pay the long-term capital gains and invest in funds, how we do everything else. More money earlier is always good.
My gambler side says to withdraw some maybe, but split the rest into a half dozen likely candidates for someday real world crypto use which may take off. I don’t stay up to date on them anymore, so this would take some real research.
The weird Trumpy stuff going on with BTC makes me think it couldn’t hurt to hold through the election in case prepper types panic buy it lol.
My wife says it’s unexpected so just leave it as a high-risk part of our whole portfolio, but I worry she underestimates the risk and scamminess of it all.
Update: I sold the account down to 0.1 BTC today. I may sell more later on. Thanks everyone for your input.
Take your free money and put into something with real, actual backing value. Ignore the gambler side - it’s just the devil on your shoulder. This is free money. Let it work for you over the next couple decades.
This seems to be the majority opinion. I’m thinking moving the majority to sound investments is my likely course. I do think keeping a little that wouldn’t sting badly to lose still scratches the itch without risking regret.
You got the money in the first place because you stood apart from the majority. Don’t assume they are better than you
something with real, actual backing value. Ignore the gambler side - it’s just the devil on your shoulder.
The stock market or real estate are yet another form of gambling and another face of the devil
In the short term, sure. In the long term the S&P 500 averages 8%/year for 100 years. I would argue that is a much, much smaller gamble.
Bitcoin were designed so that you own them. Trusting your money on for profit corporations isn’t going to pay off in the long term, i think you want to look a little further than your own wallet
Take your winnings and get the fuck out of crypto ASAP
What are you talking about? Bitcoin started this, it’s was the first scam. It’s all bad.
Bitcoin is publicly and clearly documented. It has always been. It has never failed its goals. It has never been shady
One in the hand is worth two in the bush.
Sell it. Invest that money in a less risky asset. You win no matter what that way.
I had to do a double take, I thought you said a 5 figure amount of BTC at first.
Cash it all out and shove it into a high yield savings account, or use it to increase contributions to your retirement accounts if you don’t have any immediate need.
Not financial advice, but what I’d do is just put it in a medium-high risk ETF. Something that should turn a decent gain in the long term but has some real underlying fundamentals unlike crypto.
