If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think many people in dmv with high clearance are not allowed to buy/own crypto directly. Buying mstr & Tesla are the ways to buy crypto “legally”. My bad for not buying any after Trump got elected on nov with my fun money.

Can't they buy one of the many Bitcoin ETFs?

For example:
I am told that I can not buy bitcoin directly on coinbase or PayPal. It is ok to buy mstr, Tesla. I don’t know the logic!

That's strange - I've never heard of a govt clearance preventing you from purchasing certain stocks or assets. Interesting though. Are you allowed to buy gold?

Yes, I can buy gold. I have to declare if I have more than 10k in cash ( even in safe deposit box) , any gold or valuable medals. I don’t have cash or medals. Less things to declare!

[Anonymous]

Late 30s, approximately $3 million invested, with $1 million of that BTC. I bought it all in 2016 and 2017. If I had $3 million to invest now, I don’t think I would buy $1 million in crypto, but since I already have it I will likely just leave it be. I’ve considered selling some but it’s kind of a pain to do so, I’d have to pay taxes, and I’m not sure where I would reinvest the cash.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I honestly don’t understand this stuff. Like, what’s the endgame - Bitcoin gets to $1 million? $10 million? And then what? Can you do anything with it other than trade it like digital Pokémon cards?

Is it ever going to be used for transactions? If so, why isn’t it already being used for this purpose?

Is it going to replace the US dollar? Why would the government ever allow that, and give up its enormous power, instead of making it illegal?

How is it a store of value? A house is a store value because somebody can live in it. Stocks are a store of value because you get a stream of earnings. But what is being stored with Bitcoin? OK, there is a “limited supply,” but so what? If Bitcoin went away tomorrow, what value would be lost except for the money that people have spent buying it??

All the answers are online. You just haven't bothered to do some research. What value does gold have? We can't eat it. We can't use little peaces to buy anything every day. What value does fiat currency have if every country can keep printing it. Can't keep printing Bitcoin. More gold can be found and it happens all the time as price goes up.
Bitcoin is new technology, so no wonder people are scared. The idea is not new, the technology had to catch up.

I’m the PP you responded to. Note that I did not mention gold because I agree that gold doesn’t have much value either. I mentioned real estate and stocks as assets that do have value.

Regarding fiat currency (the dollar), it has value because it is backed by the world’s #1 superpower and is the reserve currency used in transactions throughout the world. Of course, it’s not good if it is endlessly printed, but I can’t make a leap from that to accepting that Bitcoin is the solution or that I should part with $100,000 of my hard-earned money to buy one Bitcoin.

Real estate doesn't have much value. Watch Saylor videos. He explains if very well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I honestly don’t understand this stuff. Like, what’s the endgame - Bitcoin gets to $1 million? $10 million? And then what? Can you do anything with it other than trade it like digital Pokémon cards?

Is it ever going to be used for transactions? If so, why isn’t it already being used for this purpose?

Is it going to replace the US dollar? Why would the government ever allow that, and give up its enormous power, instead of making it illegal?

How is it a store of value? A house is a store value because somebody can live in it. Stocks are a store of value because you get a stream of earnings. But what is being stored with Bitcoin? OK, there is a “limited supply,” but so what? If Bitcoin went away tomorrow, what value would be lost except for the money that people have spent buying it??

All the answers are online. You just haven't bothered to do some research. What value does gold have? We can't eat it. We can't use little peaces to buy anything every day. What value does fiat currency have if every country can keep printing it. Can't keep printing Bitcoin. More gold can be found and it happens all the time as price goes up.
Bitcoin is new technology, so no wonder people are scared. The idea is not new, the technology had to catch up.

DP. Gold is a tangible asset. Bitcoin is not.

Tangible doesn't make it better. Probably worse as it needs to be secured and protected.

[Anonymous]

My experience is that people who have done their research bought Bitcoin if they had some money. The ones who haven't bothered to do any research, claim that it's MLM/scam.
I'm done getting my family to buy in. At some point I recognized that they stop listening when it comes to numbers or investing. One said that her mind goes blank is she had to think about numbers.
Took me a while to figure out why they'd rather shop (not a scam?) that invest. Very RIGID in their behavior. Not going to change anyone here. I'm glad they manage their lives as well as they do.

[Anonymous]

Anonymous wrote:My experience is that people who have done their research bought Bitcoin if they had some money. The ones who haven't bothered to do any research, claim that it's MLM/scam.
I'm done getting my family to buy in. At some point I recognized that they stop listening when it comes to numbers or investing. One said that her mind goes blank is she had to think about numbers.
Took me a while to figure out why they'd rather shop (not a scam?) that invest. Very RIGID in their behavior. Not going to change anyone here. I'm glad they manage their lives as well as they do.

“dId mY rEsEArCH”

[Anonymous]

Anonymous wrote:My experience is that people who have done their research bought Bitcoin if they had some money. The ones who haven't bothered to do any research, claim that it's MLM/scam.
I'm done getting my family to buy in. At some point I recognized that they stop listening when it comes to numbers or investing. One said that her mind goes blank is she had to think about numbers.
Took me a while to figure out why they'd rather shop (not a scam?) that invest. Very RIGID in their behavior. Not going to change anyone here. I'm glad they manage their lives as well as they do.

I recently had similar emotions. Not necessarily with regard to bitcoin but saving and investing generally. Some people just deserve to be poor. Lack of mental stamina is part of it.

[Anonymous]

Anonymous wrote:Trying to gauge to what extent affluent older people have been getting involved in Bitcoin, ETFs or otherwise.

If possible, please indicate your age, size of your portfolio, and % allocation to Bitcoin.

Thanks!

60; $8.5M; Cryto about $100K. Will be upping it now that it's going mainstream and there are options on some of the securities.

[Anonymous]

I’m in my early 70’s and ultra high net worth. I have nothing in crypto as I’m too old or lazy to study it and then invest. I’m far more into estate planning and all its complications so speculative investments are just not in the cards. If there was an easy way to put $100k in with a reputable dealer I’d certainly consider it just for the fun of it.

[Anonymous]

Anonymous wrote:If I wanted to play Crypto I would buy MSTR or buy an ETF. No real reason to own the actual Crypto these days if you still want to play the market swings but don't want to deal with having a crypto wallet and what not.

Agree on the ETF part. DO NOT BU MSTR. You are paying a very hefty premium over the price of BTC if you buy MSTR and their core business ain't all that.

[Anonymous]

Anonymous wrote:Late 30s, approximately $3 million invested, with $1 million of that BTC. I bought it all in 2016 and 2017. If I had $3 million to invest now, I don’t think I would buy $1 million in crypto, but since I already have it I will likely just leave it be. I’ve considered selling some but it’s kind of a pain to do so, I’d have to pay taxes, and I’m not sure where I would reinvest the cash.

Taxes are an issue regardless so that has nothing specifically to do with bitcoin specifically or crypto in general. Not likely applicable in your case right now but crypto doesn't have the same wash sale rules so there are possible loss harvesting strategies you could employ that you can't with other securities. I'm not an accountant so talk to yours about this -- also, this could obviously change in the future.

Not financial advice but if I were in your position, I'd dollar cost average my initial position plus some handsome profit out of of that $1mil and park it in VOOG for the next 8-10-18 months or so being prepared to buy back into BTC when it goes bear again and dips. Which, based on previous market cycles, is likely(but not guaranteed!) to happen at some point.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My experience is that people who have done their research bought Bitcoin if they had some money. The ones who haven't bothered to do any research, claim that it's MLM/scam.
I'm done getting my family to buy in. At some point I recognized that they stop listening when it comes to numbers or investing. One said that her mind goes blank is she had to think about numbers.
Took me a while to figure out why they'd rather shop (not a scam?) that invest. Very RIGID in their behavior. Not going to change anyone here. I'm glad they manage their lives as well as they do.

I recently had similar emotions. Not necessarily with regard to bitcoin but saving and investing generally. Some people just deserve to be poor. Lack of mental stamina is part of it.

I agree. People need to actually do the work to get the rewards, unless they want to marry into wealth, and even then, either they don't control the money, or they can sink the fortune into the ground through mismanagement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think many people in dmv with high clearance are not allowed to buy/own crypto directly. Buying mstr & Tesla are the ways to buy crypto “legally”. My bad for not buying any after Trump got elected on nov with my fun money.

Can't they buy one of the many Bitcoin ETFs?

For example:
I am told that I can not buy bitcoin directly on coinbase or PayPal. It is ok to buy mstr, Tesla. I don’t know the logic!

It’s fine to buy registered securities because those transactions are traceable. Crypto is not. The only real value for direct ownership of crypto is money laundering, and it’s pretty obvious why they wouldn’t want people with a security clearance holding them.

[Anonymous]

50, $1.8m, no crypto.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think many people in dmv with high clearance are not allowed to buy/own crypto directly. Buying mstr & Tesla are the ways to buy crypto “legally”. My bad for not buying any after Trump got elected on nov with my fun money.

Can't they buy one of the many Bitcoin ETFs?

For example:
I am told that I can not buy bitcoin directly on coinbase or PayPal. It is ok to buy mstr, Tesla. I don’t know the logic!

It’s fine to buy registered securities because those transactions are traceable. Crypto is not. The only real value for direct ownership of crypto is money laundering, and it’s pretty obvious why they wouldn’t want people with a security clearance holding them.

Crypto not being traceable is a myth. Some are more easily traceable than others(with the exception maybe being monero). What is true is that there is no effective way for a state entity(read: US Govt) to control its transfer to somewhere or someone they don't like(terrorists, geopolitical adversary, etc).