John C. Brandy, CFEd®
Wow, are cryptocurrencies an area full of misinformation! For example, "cryptocurrency" means "BitCoin", right? Actually no. There are more than 1,300 different cryptocurrencies vying for the top spot, often using different philosophies and technologies. BitCoin just happens to be one of the best known.
In this article, I'll give a brief overview of two ways you could make one of them a small part of your portfolio.
It's Yet Another Way To Make Money
I'm going out on a limb here, but there are two things that could definitely happen. Your favorite crypto, we'll say it's BitCoin, could increase in value. It could, on the other hand, go down to nothing from wherever you bought it.
Still, I think it is a smart choice to have some of this in your portfolio - even in your IRA. Not a lot, but some.
Say you've got 1% in Crypto and it goes from $12,000 to $1,000,000 per coin by 2024 you might have it made. But if you've got 25% in there and it goes under, that's a quarter of your future gone. I'm not predicting either of those outcomes, by the way.
Be smart. I can help with that.
Flipping Wall Street
These guys have made something really hard into something pretty easy.
It involves managing risk in the same way that the globe's wealthiest do it, without needing to have a ton of money first.
It's also technical-based trading, which is very hard if you don't have it fully automated. This way is fully automated and I love it.
And now it's even better! Why? Because these guys are moving from having only stocks and ETFs to choose from. As of this month it will be possible to add some BitCoin into your holdings among everything else.
Probably other cryptocurrencies, like LiteCoin, will be available in the future, but for now this is a pretty safe way to have some exposure to this kind of asset. Most places would have you go "all in" on one or more cryptocurrencies in an account dedicated to such things, which may not be such a great idea.
Remember, even if the value of your holdings in BitCoin spike, don't say "I wish we'd have put everything into that." Just don't, unless you'd be equally cheery at putting everything in and losing it all.
Bottom line here: this is an awesome way to manage your risk. I do it.
This one is driving its way up the trending chart right about now. I don't have a working account there, yet, but I started the process today.
Why? Because Robinhood is and has been a quality addition to the robo-advisor world for a number of years already, and now they are adding a number of cryptocurrencies, where BitCoin is just one of them.
This is a great way to get exposure now, well sort of now, to more cryptos than just BitCoin. It's really perfect if you don't want to touch the technical and risk management features of Flipping Wall Street (above).
Answering another question you could have is CryptoWallet.
That question is: "can I just put my cryptocurrency investments in my IRA?".
The answer is "yes", just not at a regular brokerage. Not yet anyway.
This is a great place we can go to get a specialist in this type of investing working on our side. It's what I'm going to do.
The last thing we'll explore during this article is yet another completely different opportunity.
Robo Advisor Coin https://roboadvisorcoin.com started as a price forecasting system for many different cryptocurrencies.
It's still that, but this Spring it's adding a few betting options, just in case you're feeling too stable and grounded.
You'll be able to bet on various cryptocurrencies (which is similar to options - at least the betting part) and you even be able to bet on various sporting events USING cryptocurrency. You might even choose to take your winnings if any in a different cryptocurrency than you bet with, if you think the upside potential of the different one is better.
I'm not necessarily recommending it, at least not yet, but I'm calling it out here in case that whets your appetite.
At any rate, I'm going to try it out first just like I always do. That is, when it's allowed in the USA. Hey, the forecasting part is interesting, anyway! :)
OK, But What's The Bottom Line Here?
The bottom line is that you have to be involved. You have your goals. This is part of your savings toward those goals. I know what you need to do and I can nudge you in the right direction. I can warn you about whatever might befall you in the future, but I cannot make you do it if you don't want to.
So, if you want to get started with success, whether that comes to you through robo-advisors or something else we do here, like real estate, BitCoin, self-directed IRAs or crowdfunding sign up right here to get started.
Want to ask me a few questions one-on-one for free first? I totally get it. Click here to put that time on my calendar and we'll go from there.
Conclusion: You Want One Or More Of These
Because they will help you spread out your risk and diversify your returns. The SECRET to financial success is Multiple Income Streams, in other words money coming to you from many different places all at once. If something happens to any of them, your world doesn't change.
You can be in control. I'll understand what motivates you and meet that need while diversifying to manage your risk.
Together we paint a picture for you and your family and help you do things you didn't think you could do.
If you have any questions, feel free to reach out to me at firstname.lastname@example.org.
About the Author
John Brandy is a Certified Financial Educator (CFEd®) and a financial consultant who helps you achieve your retirement goals. He is an expert in investing using this platform. Contact John if you have any questions about using regular or retirement funds this way. He is happy to talk with you to discuss your investing goals.