Hi guys. I have a friend who's parents are looking for alternatives and want to invest money into something other than their IRA account. They have a fixed IRA with about $100K, but they are unsatisfied with the miserable amount of interest they're getting. I mentioned to them that bitcoin is a possible alternative and one they can look into. Do you agree? Do you guys consider bitcoin a reliable and stable investment for long term holding(5-10yrs)? Is it safe to assume the only direction(barring a few dips here and there) bitcoin will eventually go from here is up? Do you foresee it going below $10K, or even $9K ever again? Is it even possible to see the lows we saw a few months ago(ie $3500) ever again?
Please give me your thoughts. IRA or Bitcoin for the long term?
I get questions about bitcoin and other cryptocurrencies often do to my career. I am always getting asked about "investments" when they are hot and performing well in the markets. Bitcoin and Marijuana stocks are two that I often get so many questions about. My advice always starts with have you done your homework on this? Do you already have an established portfolio with traditional investments and are on track for retirement or to achieve the goals you had previously set our for yourself. Most people just hear/think it'll be a get rich quick ordeal and that's often just no the case. Do you homework first and foremost and understand what you're getting yourself in to.