[Austin]

What do you guys think about bitcoin as a way to accrue interest over time? Just leaving it there for the next 20 years adding 5-10% of my income. How do taxes work? Is it high risk?

[Scott]

Anything that doesn’t make anything is high risk. Is bitcoin a currency or is it a commodity? No one can decide, and once the yuan and dollar are digitized, what then is the value of bitcoin?

Here’s what I’ve noticed, so far, it tends to act like gold, but then sometimes it follows the market.

If you want to play with crypto go for it. But it’s highly volatile and un predictable. It would never be my main strategy for growth.

I like companies full of people who provide a service or make stuff with a vision.

That’s where I put my money. Bitcoin is the same as art. It’s only worth more if people think it is.

It’s a scarcity based play, kind of like a pyramid scheme.

[Malthe]

Bitcoin will outperform everything else.

[Dan]

No. Has no practical/legal use case. It was/ is a tradeable token with good marketing. Not much more than that.

[Malthe]

BTC doesn’t pay interest. It is a high risk speculation not an investment.

[Dave]

I have 3-4% of portfolio in it and probably won’t add to it. I got lucky and purchased before the big run up. Unless something changes will hold it longterm. I don’t think having a small percentage is a bad thing.

It is very high risk and in my opinion not an investment but more of a speculation. It could go to 500k or 0.

Consider browsing: What are some high paying side hustles everyone is doing?

[Dion]

Worked out great with FTX.

[Shawn]

It’s extremely high risk with a likely bias towards zero. This is a terrible idea.

[Anna]

It doesn’t accrue “interest” but it has huge upsides and has outperformed every other investment since it’s inception.

With that being said, still very high risk but doubtful it will go to 0 more likely into the millions someday as It’s still in price discovery.

In short: Do your own research, make your own informed decisions from there, and for petes sake hold your own keys!

[Richard]

Bitcoin doesn’t pay interest, so I’m not sure what you mean by that.

It’s a speculative investment, so I would not do more than 5%, more like 1-2% for most people.

[Julie]

Are you speaking about staking your crypto? I know some brokerage accounts allow you to do this, but if it sounds to good to be true, it probably is. I lost a lot of $$$$$ because of the Celsius bankruptcy.

I made a lot of money staking but lost it all because of what happened. Just do your research and I wouldn’t stake all your crypto in one place and maybe think of a crypto cold storage

[Kurt]

I’d rather invest in stocks. Crypto is speculation. If they end up regulating it like the gov wants to, it’ll likely lose quite a bit.

[Sean]

One of the most volatile “assets” around. Extremely high risk. If you want to do it 1-3% of you investments might be a reasonable amount. Surely not 10% of your income.

[David]

As for high risk, cryptocurrency is incredibly high risk. I wouldn’t put any money I was counting on for retirement in it. I’m not saying you can’t make money with cryptocurrency but it’s really closer to gambling than it is investing.

[Author]

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