Should Bitcoin be a Part of Your Retirement Investment Plan?
It’s undeniable that bitcoin has shown a lot of potential and profitability. However, that doesn’t mean that you put your future at stake just to try and get high returns on your investment. This digital currency is highly unstable and unpredictable and can take a great turn at any time.
As more people continue to accept the digital currency, the bitcoin industry is continuing to grow. Having in mind that bitcoin is still at its early stages, it seems like a good idea to make it a part of your retirement investment strategy.
So, Is Bitcoin Just Getting Started or is it Just a Bubble?
If you do a little research about bitcoin, you will know that this is an extremely volatile digital currency. For the last few years, bitcoin investors have continued to watch as the value of their investment has grown tremendously. In 2017 alone, Bitcoin realized more than 200% increase in its value, at one time costing up to $17000.
Without forgetting its glorious rise to fame and a tremendous increase in value, bitcoin has gone through a rocky path in 2018. This has made many to wonder if bitcoin has the potential to rise again or it’s just a bubble. However, we all need to understand that any type of cryptocurrency can realize more than 25% increase and crash to unimaginable values in a matter of hours.
Don’t Be Fooled by Bitcoin’s Potential
For most people, getting the best bitcoin wallet is the only thing that matters when it comes to buying this digital currency. However, the fact that bitcoin has a lot of potential doesn’t necessarily mean that it’s a good investment option for your retirement funds.
When it comes to investing your youthful earnings, slow and steady is the safest way to go. You want to put your money in a safe investment option like bonds or stock. It may not get you rich instantly or guarantee you financial safety as you enjoy your retirement in the Bahamas, but it’s likely to grow at a steady pace and turn into something significant over time.
If you choose the best Bitcoin wallet, you can become a millionaire by investing in this digital currency. However, while investing a significant portion of your retirement portfolio, bitcoin investment is a high-risk venture that should be highly avoided. That’s because cryptocurrency investment is highly speculative and the market trends are pretty much unpredictable. It’s simply too much of a gamble to invest the money that you will need in the near future.
Investing in Bitcoin the right way using your retirement funds
Does bitcoin investment sound like an excellent idea to you? If yes, you should know that bitcoin is not the ideal investment option for your retirement. However, you can quickly make huge profits that will not only give you financial security but also make your retirement plan come true.
Having that in mind, it’s ok to try your luck in speculative asset investment such as bitcoin and other types of cryptocurrency. This means you should have a properly laid out retirement portfolio that accurately spreads out your investments across several assets to make sure you don’t lose everything. You want to commit only a small portion (less than 10%) of your portfolio in bitcoin. This will ensure that you don’t lose all your youthful earning in case anything goes wrong.
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To help understand this concept, you should consider buying Bitcoin to be similar to investing in highly risky stocks. It merely means that if you purchase bitcoin knowing that it’s a speculative investment, then you stand to gain an incredible profit if the price goes up and you won’t put your future at risk if the vice-versa happens.
The Bottom Line:
Not knowing what to expect regarding expenses can be very scary after a retirement. Like most people, you are eager to make an investment that can guarantee your financial safety and maybe get you rich in the process. But should bitcoin be a part of your investment portfolio?
To answer that question, you should have a portion of your retirement money set aside to buy bitcoin. Hover, it should only act as a speculative form of investment to compliment other investment strategies. Don’t forget that you can lose a significant amount of your finances within hours if any happens. However, investing less than 10% means that you don’t have to put your future at risk if the prices continue to drop.
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