Am I crazy for wanting to flip my IRA into a Crypto IRA or liquid Bitcoin/Ethereum to HOLD?
I'm losing trust in the global banking system and feel that my USD Roth IRA account is NOT safe for the long haul. I also think it could not perform well (or even be valuable) if there's an economic collapse or death to paper currency. On the other hand, cryptos and precious metals could thrive and be absolute necessities.
Please help me weigh out the pros and cons of doing one of these long-term investing options below:
Rolling over a retirement account into a Bitcoin and/or Ethereum IRA. Be a hero if it works...
Balls out retirement funds taken out with a penalty and invested into cryptos to HOLD super long in cold storage. Be a crazy hero if it works...
No cryptos. Leaving everything in a traditional retirement vehicle with non-crypto earning potential to be "safe". Be boring and keep faith in USD and stock markets...
A hybrid to stay diversified. Half and half to not be completely f'd if either backfires.
I'm a big believer in BTC and ETH as my current core holdings, while also diversifying in ALTS and precious metals in the name of my own informal retirement fund. As for the official one, please advise, debate and inspire!!
Love these questions! I came here looking for confirmation of what I've already done move some of my retirement to self-directed accounts (SDIRA IRA-LLC - if you don't recognize those acronyms check out https://www.401kcheckbook.com/checkbook-control-retirement-plans/checkbook-control-ira/). But, I'm not ballsy enough to go all in. I just put some pre-tax money in and some Roth money using a Solo 401K. I'm to scared that I got in too late and that we're in a Bitcoin bubble...
Well, in my opinion, if you have a retirement fund, keep it. BUT start saving in crypto, your returns will much higher than your initial retirement fund in no time. And, if you can, start trading on crypto, again your profit margins is way better than FOREX.
But hey, This is my opinion.
Thanks for your opinion. I hate having USD stuck when it could be diversified into something I really believe in at attractive price points, and think will outperform my IRA by a landslide. The debate continues!
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Sure, once you kindly do both things you said you would, and weigh in on the debate??