Bitcoin has traded as high as $68,989 and as low as $28,833 in the past 52 weeks. Are you really prepared for the wild swings? These questions will make a difference between a rational decision and a reactionary one 👇
Crypto is the talk of the town. Bitcoin, ethereum and others seem like an exciting way of making money. Only after selling are many aware they owe income taxes — but that’s not the only crypto information they are missing.
There are investment reasons to pause and rethink. Consider your risk tolerance; if you have always been a conservative investor, adding crypto to your portfolio is very risky. Knowing how this fits into your overall plan can be the difference between a rational decision and a reactionary one on the day your cryptocurrency plunges in value.
Legally, your account is part of your estate plan. If your lawyer has created a trust for you and has suggested everything you own go into the trust, then a crypto account may wreak havoc when it comes time to settle the estate unless it also is in the trust. Risk: Are you really prepared for the wild swings in this investment, swings that are bigger than you see in the S&P 500 index SPX, +0.57% ? Bitcoin BTCUSD, +1.30%, for example, has traded as high as $68,989 and as low as $28,833 in the past 52 weeks, and it’s now trading just above $40,000. Creating an exit strategy as far as timing and/or value is a smart investing approach.
Read: Did you invest in crypto last year? Make sure you answer these 3 questions before filing your taxes CD Moriarty is a certified financial planner, a columnist for MarketWatch and a personal-finance speaker. She blogs at MoneyPeace.
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