My bonus will be about $20K this year – about enough to get me to 1BTC (I know that they take a bunch of tax from bonuses but I can also add some savings). The alternative is to invest it in brokerage/retirement accounts.
On one hand, it would be really desirable to have exactly 1 BTC. On the other hand, things are feeling really uncertain regarding bitcoin’s future. what would you do? For context, I’m 48 yrs old. I am doing well financially but could always do better, especially because I’m an older dad (I have a 2 yr old) and want to be sure my son is well provided for. My net worth is maybe 350K-400K right now, not including the value of my business, which I may be able to sell one day.
I own about .7 BTC. Should I blow my bonus to get me to an even 1 BTC?
byu/Carytheday inBitcoin
Posted by Carytheday
39 Comments
Why do you think things are feeling uncertain for bitcoins future?
No. If you need assurance from strangers on the Internet before making an investment, it’s the wrong investment for you.
I would and I think you already know what you want to do.
Plow in a figure out how to survive.
Plowed into 1 BTC, put it away and now I’m rebuilding. Currently have $2K in BTC and stocks that I worry about.
YES! Join the whole coiners
Sounds like you want to get to 1 whole BTC and I don’t blame you, it’s a great accomplishment. Your son will thank you in the future.
I’m also under the impression that we’ll see a pullback in price this year. What about half in retirement and half in BTC and then doing the same with next year’s bonus ?
At least wait for a nice dip they come regular
Damn! 20k bonus? Good got you bud!
I buy bitcoin every day. Whether my full amount is 0.1, 1.0, 2.0, or 10.0 is meaningless. If you believe something will go up in the future, don’t let nice number unit bias persuade your investment strategy.
As soon as you have a whole coin, you’ll want more!
only if you plan to hold for the next 5+ years
DCA ur way in slowly throughout the year.
Me personally I would spend 1/2 on. Bittys and the DCA your way to whole coin..You will be in the home stretch …Curious as to why your unsure of bitcoins future? If I was even a little unsure I wouldn’t stack Bittys .
Yes but hold on to it up to a certain valuation. Since your kid’s 2, I would hold until he turns 18, cash it out, and use the proceeds for college and the remainder as a source of passive income in your senior years.
Getting to an even 1 BTC means nothing other than it’s .3 BTC more than you have.
Safe play is to diversify but you know this. I’m working my way up to a full but at the same time I keep at my other investments all the same. Very glad I expanded into some shiny stuff over the last couple years too. Your call but I don’t think in the grand scheme of things rushing to get to 1 is the smart play. It could dip back to 70k in a month and you’d be kicking yourself for not having patience
Don’t tell people how much crypto you have. Do you post your bank balance?
I lost all my crypto in a boating accident.
Half of my net worth is in bitcoin, but then again I’m 27 with no kids and half of my net worth is only about $550 so fuck it
There’s a lot of people on here who really don’t seem to understand basic economics, and how a low & steady inflation is actually a good thing.
With your business aside since I have no idea how much it’s worth, 18% of your nw in any one single asset is significant concentration, especially with an asset as speculative as bitcoin.
I judge risk by the likelihood of achieving financial goals. Ask yourself where you are, where you want to be, and what you want to leave behind when you’re gone. Are these goals realistic if your nw raises from $350k to $370k with that extra $20k in btc, making your concentration 24% of your nw, and it tanks going to $0? If so, go for it. If not, maybe look at something else to add some extra diversity in your portfolio.
Anyway – halving make retard monkey brain happy & money go brrr 😂 where are my fellow margin btc traders at?
If I had the money witch I don’t but if I did DO IT !!!
Honestly if you have the opportunity to get to a full bitcoin it would feel like a great accomplishment. So long as you’re ok with volatility and understanding that it is a long term investment. The value can drop 50% from here easily. If that would make you feel uneasy, then just DCA
I just made it to 1. I surprisingly didn’t feel any different. I’m about 100 Satoshis toward 2 and $20 a day will get me there. Then I’ll feel better.
Yes
grind never stops. you’ll just move your mental goal post to 2 btc after you hit 1. sounds like you’re doing great with a great foundation. why not use half to buy btc, and the other half to put towards a core memory trip with your son when he is 4 or 5. the trip of a lifetime. something to remember forever. idk… maybe im crazy
You know what’s better than 1 BTC? 2 BTC
Dew it
Buy, always buy, never sell ffs
Yes, Owning a Whole coin is Sick!
The simple answer is NO.
No. Buy another 0.1 or 0.05 or so BTC, keep the rest of the bonus as an emergency fund, pay off bills, debt, or spend it with friends enjoying life. Take your time building up to 1 BTC. There is no rush.
Asking a Bitcoin sub if you should by more Bitcoin. I’ve got a good guess of what the comments will be.
Yes
I’ve been in btc since 2018, I have never felt more certain in its success then I do now. Get to that 1 btc, keep a long term mindset, and your family will thank you in the future.
Diversify into stock index funds, tax free wrapped, you already own a lot of BTC, wish I did this instead of going all in on crypto years ago.
Yes, top up! One Bitcoin will provide a nest egg in the future for your son.
I am not going to tell you what you should do, but you wanna eliminate SPF single points of failure. If you want to ensure your son can one day access the bitcoin, make sure you have a fool proof way of passing it on to him, he’s two now, so you have some time but you want to make sure he is adequately educated regarding bitcoin, security and operations. Maybe the private key will be disclosed to him in your will. The trick is for that key to never be disclosed to unauthorized individuals. Always ensure you can restore a self custody wallet before loading it with anything beyond ancillary amounts. Load a wallet with say $10 worth, then after securing the private key, completely wipe the device of the wallet, then plug in your key and restore it. if all goes well, your $10 balance should be restored. Only then, would i load a wallet with anything more than that. it is also a good practice to segment wallets you receive bitcoin from wallets where you store bitcoin. That way in the unlikely event a private key can be extrapolated from a public key, you wont loose your corn.
Converting your fiat currency to a hard asset is not ‘blowing it’, it’s just a choice about how to save/invest it. Investing it is a good idea, yeah. Should you put it all into bitcoin just so you have a nice round number? No, that’s a stupid reason. Should you do it so that it now represent a particular target percentage of your overall portfolio? Yeah, that’s smart.
Not required. Also you seem uncertain about bitcoins future, you should study a bit more before adding new money.
Short answer: yes.
In 2012, I got a $20k bonus and asked reddit how I could invest it. I was interested in Bitcoin, but didn’t know much about it. A Redditor told me to buy Bitcoin, but said it in a really shady way by including a link in the comment that went to a website to give him Bitcoin. That comment convinced me that Bitcoin was just a scam. A few months was when it blew up, and I was extremely disappointed.