Powell: Buying Bitcoin to fund retirement? Make sure it fits plans
Average investors are often accused of buying high and selling low.
And that may very well be the case for investors who are jumping on the Bitcoin bandwagon. Bitcoin, a digital currency, has doubled and then some since the start of 2017 (it’s risen from $1,016.30 on Jan. 2 to $2,469.38 as of June 16) and many investors are taking note that a $1,000 investment in Bitcoin in 2010 would now be worth $35 million.
To be sure, many experts, including Goldman Sachs, are turning bearish on the digital currency at its current price. But that hasn’t stopped investors from asking the question: What about the long-term? Should I invest in bitcoin in my accounts earmarked for retirement, which could be decades away and then last for decades?
Does it fit in your portfolio?
In the main, as with any investment, experts say investors should evaluate the pros and cons. What’s more, investors should take the very same approach to investing in Bitcoin as they would any other investment: Evaluate whether it meets the criteria established in your investment policy statement, which outlines your time horizon, risk tolerance and investment objective.
How to invest in Bitcoin
Read more of this article by clicking the link: https://usat.ly/2sjTuak
Shared from USAToday.com