Sold stock and mutual funds for bitcoin

blockchain
bitcoin
cryptocurrency

#1

Good day everyone! This isn’t investment advice, just my opinions and actions. I just wanted to make a discussion about me selling some of my stock and mutual funds for bitcoin. I’ve been looking at crypto currency since 2011, but never bought it because I thought it was a waste of money, scam, dumb thing to buy, etc. A couple years later, I read more about the tech and got involved in many of the forums, communities, youtube videos etc and began to realize how big and revolutionary this thing called Bitcoin was going to be.

I thought to myself, stocks and mutual funds, savings is where money should be in for me to have a great retirement in the future. Then I looked back at 2008 and reminded myself of the losses that many of my family and friends endured in the recession from traditional stocks. My dad was buying bitcoin as speculation when it first came out and he did well in 2017 because he forgot about it, but didnt throw his computer away thank goodness.

So I’ve been saving, putting money away into my mutual funds, stock brokerage accounts, TSP, etc, but I was not happy. Over the past 10 years, I was not impressed with the traditional markets. The cryptocurrency thing was a big thing for me as I’m very much favorable for new things and new technology. I’ve even been impressed with the announcement of the Sirin Labs blockchain phone and am considering to get one after some reviews on it :smile:. I use to build my own computers, try to learn computer programming and noob coding, and got my mind and interest into the “tech world”, but then went into primary care to help people. I still love tech stuff and the goals of what Bitcoin can and will do for the future. Anyway, I moved a lot of traditional investment money into cryptocurrency, majority into bitcoin and litecoin, and never looked back. I had thought, dam those taxes are gonna hit me, but then the future of money and tech is crypto, blockchain, etc. Ultimately, although this tech revolution is big, I have to be honest about being in it also for the money. I want to maximize my earnings as much as possible (legally of course) and investing into bitcoin feels so good and right.

Right now my current portfolio is roughly 70% bitcoin/crypto and 30% traditional markets. Any profit I make from altcoins go into bitcoin. People called me nuts for doing this and for selling any of my traditional investments for bitcoin. It was my personal decision and I’m still comfortable. Anyone else want to share their experience in making such a move?


#2

Your story sounds exactly like mine… except I don’t own any traditional nonsense.


#3

I have at least half of my entire networth in crypto. I’m slowly moving more and more of it over time. Don’t worry bud, you’re not alone.

And welcome to the dark side.


#4

I have also changed my portfolio to mostly cryptocurrency. My father’s retirement fund took a nosedive in 2008 and never truly recovered. I’m willing to take on the risk and experience what bitcoin will be in the future.


#5

My retirement plan provided by my employer will only allow me to invest in traditional assets. I can’t wait to see some crypto funds as options. I invest all of my personal cash into crypto/stocks with a 25:1 ratio. I might even get rid of the stocks if I can actually realize some gains from my crypto. I’ve been DCA-ing since December of last year and I’m still negative in my block-folio by $5k. Meanwhile, my stock-folio is positive $150, lol (I’ve only been DCA into this since May). I’m sure by December of this year I’ll be rethinking my stock position.


#7

Bitcoin Investment Trust
OTCMKTS: GBTC

Does anyone have any deep research or opinions on this? I believe its the only “traditional”(buy through a broker) way to invest in Bitcoin.
Not a lot of info on it but better than messing wallets, risk of theft. The average Joe can play, unless I’ve missed some details on it.
Any comments?


#8

my 1st investment ALL IN crypto lol :rofl:


#9

Same here, all new money is going to crypto and once my positions in the traditional market are reached, all of it is going to crypto. Them gainzzzzzxxxx


#10

Wow it’s amazing to know you are all doing something similar! I won’t touch my TSP just yet since I’ll let that grow and it’ll lower my taxable income with the wife, but my personal Roth with vanguard…I’m thinking of pulling out from that, taking the penalty of early withdrawal and invest that into bitcoin for long term HODL and also because I think having two retirement accounts at this time isn’t doing me any good by having both TSP and a vanguard Roth IRA. I still got the non IRA account to work with but lately haven’t been active in that because in my belief, I’ll be better off in bitcoin land. Of course, as always I still have bread money!


#11

I took the penalty and taxes to get out and reach my crypto goals. My former IRA is heavily invested in FAANG and banks. Even if it takes a while to earn my money back, I sleep so much better being out of those things.


#12

Be very cautious with gbtc. Trades at a huge mkt cap premium relative to their bitcoin holdings. I was warning people not to buy it back in December time frame and people said I was crazy because the returns had been so good. but it was trading at almost 1 billion dollars higher in market cap than the bitcoin it had was worth. Then the bottom fell out on it when bitcoin retraced. It was sort of like trading btc with leverage and more FOMO.

It’s just as volatile as bitcoin, if not more so, but you don’t own the private keys.

The video is not my best work, I’ve learned an awful lot since then.(maybe I should redo this video more coherently without going off on unrelated tangents about technical vs fundamental traders). The info is no longer really relevant now especially after the stock split. But just to show you I was actually trying to warn people back before it fell…


#13

Yeah my coworker put lots of money into GBTC back in January/February and didnt do too well. I think actually owning the physical keys to your coins is the best. I would never pay anyone to manage my coins for me.


#14

I have had a hell of a time trying to liquidate my TSP. I hate that thing.


#15

Well in regards to selling shares in brokerage accounts in Vanguard, it sure isnt as easy as working with cryptos. There’s a “frequent trading policy” that annoys me. So they restrict you from buying the same thing with the similar amount of money for 30 calendar days. It also takes 2-3 business days to sell your shares and get money back into your bank account. In today’s world, this is too long of a process! I know, I’m complaining about the little things here. I know the traditional stock market has its place, but I’m trying to transition out of it and be an “early adopter” of the bitcoin revolution.

I guess you could say I’m also experiencing some of the frustrations that others get with the traditional market if they are also investing in the crypto market. This positive sentiment toward bitcoin over the past several months actually turned the minds of my close friends who thought this whole bitcoin thing was a scam. Now he’s also asking me about the process of transitioning his charles swab funds into bitcoin/crypto via Abra.

Now I’m trying to get him to join thebitcoin.pub. He’s thinking about it!


#16

Due our wonderful government and the Fed, it is almost impossible to buy bitcoin in a safe way for the investing majority. The risk of loss , error, bad exchanges, hacking are keeping a lot of people away.
I want to buy bitcoin for my IRA. Only 2 high costs options are available that I could find. I’m not a fan for this bitcoin trust but I can buy it in my IRA. I can trade it safely, quickly. Put money into my account to buy it right away, not wait a week or more like on Coinbase.
Why are there no other Bitcoin trusts?
There just are no good options to buy Bitcoin. If I want to by 1 right now. The best compromise is ACH draft money to my Coinbase account, wait 10 days for it to settle then transfer it to GDAX, then buy, then transfer back into Coinbase, then move it to my Trazor and prey there are no problems in this convoluted mess in this group of a transactions.
OR I can use my stock account at TD Waterhouse, wire the funds, buy GBTC right away, as it goes up and down a bit I can buy and sell right away.
What are my other options?


#17

What you are describing was my experience in dealing with Fed rules which I hate! These are rules that effect all small investors to keep them small. Stupid idiot rules by the corrupt Fed. I am looking forward to Bitcoin and crypto being truly decentralized so that free trade is available to all people not just the rich the all laws of the US are written to benefit.


#18

Why is it impossible for you to buy bitcoin in the traditional sense? I’ve never used coinbase, I use coinmama and CEX and buy with a debit card and I’ve never really had issues.


#19

Is there a compiled list of ways to buy various coins anywhere? I have never heard of Coinmainia or CEX.

Thanks very much!


#20

No I just know what works for me, I’ve mostly learned from talking with others…

but coin mama has definitely been my best bet


#21

Commissions are high on coin mama. For volume purchasing need another way. My Ether wallet seems to also let debit card purchases.