My savings to Bitcoin

Moderator: kyletorpey

My savings to Bitcoin

by rahimsaiyad » Fri Apr 18, 2014 11:49 am

Should I convert my savings to Bitcoin?
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Joined: Wed Apr 16, 2014 12:09 pm

Re: My savings to Bitcoin

by kyletorpey » Thu May 22, 2014 3:21 am

Whether or not you convert your entire savings to bitcoins is up to you, but it would probably not be a wise move at this point in time. Bitcoin is still a highly speculative investment, so it's important to be realistic about where that investment could go in the future. Most people view bitcoins as an investment that will either go to zero or much higher, so it's really a win or lose situation. There won't be much of an inbetween. Hard money advocates usually suggest placing 5-20% of one's portfolio in gold or silver, so it could make sense to carve out a portion of that for your bitcoin savings. Technically, there's nothing wrong with placing any amount of money into Bitcoin, but the general rule is that you should only speculate with money that you can afford to lose.
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