Bitcoin

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If you want to trade, the new ETF BITO or GBTC, preferably in a tax sheltered account.

If you are looking long term, buy the actual "coins".
 
Bullitt said:
If you want to trade, the new ETF BITO or GBTC, preferably in a tax sheltered account.

If you are looking long term, buy the actual "coins".
Click to expand...
Thanks Bullitt.
Question: what do you mean buy actual "coins?" Help me out. I am a dummy when it comes to this topic. Any good reference to read for a novice?
 
Without getting into the weeds with satoshi's and other denominations, the price you see for Bitcoin is the price of 1 coin, but there are no physical coins, it's all digital. You can dump $10 into an exchange and get a fraction of a bitcoin (or any crypto currency for that matter). It's not like Berkshire Hathaway stock where you have to shell out $431,000 for one whole share. In fact, most transactions are fractional transactions, unlike stock which you cannot do (unless your broker somehow allows it).

Unless you hold the actual coins in a wallet (hot or cold), you really don't own the coins. You can buy on Paypal or Venmo, but you can't take the coins off their exchange. Same with the ETF's and trusts, you're just trading on the price. Some Gold ETF's allow you to take physical possession of the gold you own via ETF shares. This does not exist yet for any crypto currency and is what much of the fuss the past few years has been about. Kraken and Coinbase allow you to take the coins off their exchanges use elsewhere. If you go the ETF/trust route in an IRA you won't have to worry about taxes which are a nightmare for crypto currency. If you buy coins on Paypal for example, then send them to a friend, your capital gains on the transaction are taxed and it's your responsibility to keep track of all that.

Once again, it all comes down to your goals. Do you want crypto to have a real place in your portfolio? What percent allocation? How will you handle any taxable events? Do you want to take the coins off exchange? Keep in mind any allocation less than 5% will have near zero effect on your total portfolio (TSP, IRA's, taxable accounts, savings, etc.)

There are so many blogs, news articles and books on the topic, I really don't know which direction to send you first. I feel most blogs and news articles are just pumping the price and pushing the FOMO out on everyone else while the writers watch their "wealth" rise. The book, "The Bitcoin Standard" by Saifeden Ammous was a great overview of the topic.
 
BITO getting hit today on 3rd day of trading. Basically anyone who bought is flat or underwater at this point. When it goes up, it's much easier to say, "It's a long term investment." "I'm in it for the long run." "I can handle the volatility".
 
Tim Cook says he owns cryptocurrency and he’s been ‘interested in it for a while’

Apple CEO Tim Cook said he personally owns cryptocurrency on Tuesday at the DealBook conference.

Cook said that he had been interested in cryptocurrency “for a while” and that he had been researching the topic.

Cook said that his interest was from a “personal point of view” and dismissed suggestions that that Apple might take cryptocurrency in exchange for products as tender or buy it with corporate funds.
Click to expand...
https://www.cnbc.com/2021/11/09/apple-ceo-tim-cook-says-he-owns-cryptocurrency.html
 
I hear that crypto currency is inventing a new type of battery for electric vehicles.
A source for the crypto is stating that their new battery extends the range of electric vehicles by 10x.
Amazing. Much like Cook's (at the time Job's) Apple, crypto is inventing the future and will thus position itself for huge market share gains

:ban:
 
Boghie said:
I hear that crypto currency is inventing a new type of battery for electric vehicles.
A source for the crypto is stating that their new battery extends the range of electric vehicles by 10x.
Amazing. Much like Cook's (at the time Job's) Apple, crypto is inventing the future and will thus position itself for huge market share gains

:ban:
Click to expand...

I don't know if any of that is real, but I know the dollar signs in my account are very real!
 
Somehow this news will probably cause the price of most cryptocurrencies to go up. India is a large populous with much rural and poor areas that do not have access to the banking system. At first glance, it would make sense for a country like India to go the way of of El Salvador, but India is much larger, has much bigger issues to contend with, and actually has a growing economy.

If it can't be used to transact, what is it then? A "hard" asset? A store of value? An inflation hedge? India seems to think it's none of those.

India is likely to bar the use of cryptocurrencies for transactions or making payments, but allow them to be held as assets like gold, shares or bonds, the Economic Times reported on Wednesday.

Citing sources familiar with the government’s thinking, the newspaper said this approach would avoid implementing a complete ban, though the government was keen to stop crypto companies, including exchanges and platforms from actively trying to attract new investors.

The crypto community has made several representations to Indian authorities asking to be classified as an asset rather than as a currency, in order to gain acceptance and avoid a ban.

The Reserve Bank of India has so far appeared very reluctant to accept cryptocurrencies, expressing concerns over potential risks to macroeconomic and financial stability, and capital controls.
Click to expand...

https://www.reuters.com/article/ind...-permit-holding-as-assets-paper-idUSL4N2S811J
 
Looking for support in bitcoin...

111821b.gif
 
Bitcoin loses $10,000, or 17%, in 24 hours after overnight rout

Bitcoin prices dropped sharply Saturday early morning hours ET, plunging to a low near $43,000 before rebounding some.

The crypto lost about $10,000, or more than 17%, in a 24-hour period from Friday to Saturday.

The price of ether dived as well, falling as low as $3,500 on Saturday.

Bitcoin was at around $57,000 Friday morning before it began falling as stocks sold off on Wall Street.
Click to expand...

https://www.cnbc.com/2021/12/04/cryptocurrencies-bitcoin-and-ether-prices-drop-sharply.html


120421a.gif
 
Oof... long term buy and hold... crypto is volatile... keep telling myself these things... everything is going to be okay....
 
Bitcoin is showing some life, moving back above $50K today after a rough month. Is this just a pre-holiday fake out, or a real breakout? If it's real, it looks like $53K may be the next obstacle.

122321c.gif
 
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