Here's how you can add crypto to your retirement investment strategy.
of millennials are invested in cryptocurrencies or NFTs and/or consider them to be a part of their retirement strategy.
“You can use a self-directed 401 to invest in alternative investments like cryptocurrencies. A simple Google search turns up at least one alternative to ForUsAll: BitWage. Many firms are working on ETFs, too , although the Securities and Exchange Commission is not yet approving any. There are Bitcoin futures investment options approved by the Commodity Futures Trading Commission.”
“You can invest through your 401 plan in trusts, like Grayscale Investments’ Bitcoin trust and Ether trust . This is easy, and they are like unit trusts or money market funds — you buy a ‘unit’ of a trust, which is completely liquid, rather than a fractional interest in a particular cryptocurrency.”Putting the regulatory obstacles aside, the main argument against crypto in retirement plans is still purely economic.
“Ultimately, because of the big risk that cryptocurrencies present, you shouldn’t invest more of your retirement money in them than you can afford to lose. If putting 5% of your retirement money into digital currencies would mean you’d end up with a nest egg that doesn’t provide adequate income, you should allocate far less of your money — or none at all — to this higher-risk investment.
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