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What would you do with a bitcoin windfall? (self.asklemmy)

submitted 5 months ago* (last edited 5 months ago) by EvacuateSoul to c/[email protected]

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I'm not a true believer in crypto, but I used to play around with it. I have received a 5-figure USD sum of bitcoin from the MtGox settlement, and I'm considering my options. It is a true windfall. It was worth maybe $100-200 when I used to play daytrader and shop silk road with it.

We are on track for early retirement as it is, but my "smart money" intuition says pay the long-term capital gains and invest in funds, how we do everything else. More money earlier is always good.

My gambler side says to withdraw some maybe, but split the rest into a half dozen likely candidates for someday real world crypto use which may take off. I don't stay up to date on them anymore, so this would take some real research.

The weird Trumpy stuff going on with BTC makes me think it couldn't hurt to hold through the election in case prepper types panic buy it lol.

My wife says it's unexpected so just leave it as a high-risk part of our whole portfolio, but I worry she underestimates the risk and scamminess of it all.

Update: I sold the account down to 0.1 BTC today. I may sell more later on. Thanks everyone for your input.

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[–] TootSweet 16 points 5 months ago

I just sold all my Bitcoin like less than a month ago. (It took me a week for it to sync before I could actually sell it. It was a royal PITA. And people say this is the future of currency?)

I didn't have anywhere near the amount you're talking about, but like you I don't believe there's ultimatley any future in blockchain.

I agree with what others are saying here. Sell it. It could well go permanently to zero at any time. Trying to time the market is how you end up walking away with nothing. Put it in, if nothing else, a savings account.