The United States presidential election is finally over. Except there’s only one problem: they haven’t decided on the winner yet! Current President Donald Trump has currently fallen behind in the polls, but he’s battling for his presidency nonetheless. He’s discovered one-sided cheating that always seems to favor Democratic candidate Joe Biden. This is happening in states with deep ties to the Democratic Party. It may take weeks before the results of this election are finally sorted out.
Why am I mentioning this in an article about Bitcoin investing? To put it bluntly, Bitcoin thrives during times of political turmoil. It also thrives during economic turmoil. We have plenty of both types of turmoil happening all over the United States. And while the politicians fight amongst themselves for the presidency, the US citizens continue to suffer.
This means the United States economy is temporarily put on the back burner. Except small, medium, and larger businesses are dying a slow and painful death. The US dollar is becoming more worthless every day. And economic stimulus might be the only thing to save the economy. This means the US dollar will lose even more value. And more people will turn to Bitcoin and precious metals as a safe haven investment.
You’ve undoubtedly seen the writing on the wall, because otherwise you wouldn’t have found your way here. You wouldn’t be interested in learning about how to invest in Bitcoin wisely. But that’s the situation that you find yourself in just like millions of other Americans.
Personally, I believe Bitcoin IRA investing is the smartest way to make the most with your money. I’ll share a few other investing methods with you as well that I feel are far inferior to a cryptocurrency IRA. By the time we’re through, I hope you see why I feel IRA investing is the only way to go.
For those interested, please visit my review page of the top 3 Bitcoin IRA companies. You’ll learn plenty about each broker and why you should consider doing business with them to secure your retirement future.
3 Bitcoin Investing Options That I Do Not Recommend
Although I’m far from the biggest fan of these strategies, they definitely provide valid avenues toward Bitcoin investing. Depending on your personal beliefs and needs, some of these strategies might make sense to you.
But if you’re looking for a rock-solid retirement investment, you have to go with a cryptocurrency IRA. This investing strategy provides tax advantages and more than I’ll tell you about later on.
Getting back on track, the three Bitcoin investing options that I’d like to share with you today include the following:
- Bitcoin ATM
- Robinhood (and other brokerage accounts)
- Coinbase Pro
These three options are valid and they are considered good ways to invest in Bitcoin for the short-term. Long-term investors need to consider their future. They need to consider their retirement accounts and how they want to move forward.
I’ll go into further detail about each of these investing styles in a moment. But if you’d like to learn about Bitcoin IRA investing, you should click here to read my top 3 review.
If you’re looking for a relatively simple way to purchase cryptocurrency you can do so at a Bitcoin ATM. But there’s only one problem. Even though it’s simple to operate, it’s likely difficult to find a Bitcoin ATM in your community. There are only 3000 ATMs scattered all around the country. Good luck finding one in your community!
I am not a big fan of buying cryptocurrency using this method. It’s not very convenient because the ATMs are so hard to find. And there are easier and more effective ways to buy Bitcoin right at your house. You don’t even have to get dressed to make the purchase because you can do it in your pajamas!
Plus, most people invest serious cash of at least $10,000 or more when they begin investing in crypto. Do you really want to make an expensive transaction at an ATM machine? Do you want to risk someone looking over your shoulder the whole time? To me, this method just isn’t worth it.
Robinhood (and Other Brokerage Accounts)
This style of investing is much more convenient than going to a Bitcoin ATM in my opinion. And it’s a lot safer because the transaction takes place using a highly respected brokerage. So, it definitely wins points for safety and convenience.
Guess what? Buying Bitcoin through an online broker almost feels like your gambling. Too many people are too tempted to day trade cryptocurrencies with these accounts. That’s why you end up hearing about people who lose thousands of dollars on their Bitcoin investments. They didn’t hold their investment long enough to let it become more valuable over time.
In my humble opinion, buying Bitcoin through a brokerage account is a scary choice. The Robinhood app is constantly crashing. Half of the features are shut down on heavy traffic days. And do you know what’s likely happening on a heavy traffic day? The stock market is usually crashing and people are frantically selling off their investments to try to save their capital.
As I mentioned, other brokerage firms are getting in on the act. But there aren’t too many letting their customers buy cryptocurrency just yet. Although, this will change because Bitcoin and other cryptocurrencies are just too valuable to ignore.
At this rate, it isn’t worth putting all of your eggs in the Robinhood basket. The app is buggy, the company doesn’t give a crap about its customers, and your odds of making money in the short term are slim at best.
Ignore Robinhood for Bitcoin purchases like the plague. Consider my favorite option and learn about opening a cryptocurrency IRA while reading about my top three recommendations.
This is likely the smartest way to buy cryptocurrency if you’re unwilling to purchase through a Bitcoin IRA. Using a cryptocurrency exchange means there’s abundant liquidity and ample day traders willing to take your investment off your hands.
Do you want to know another important fact about Coinbase Pro? The exchange was actually built and designed for day traders. As I’ve stated already, day trading Bitcoin is really scary and potentially foolish. You may get lucky and make a ton of money really quickly. Or you may buy Bitcoin on the wrong day and lose a huge percentage of your investment in a couple of hours.
Your timing has to be perfect in order to make money as a Bitcoin day trader. If you screw this up, you may end up walking away with thousands less than what you started with. Is that a chance you’re really willing to take? Or would you benefit from a long-term and more secure strategy?
If you understand Bitcoin, you already know that it’s a safe investment. But you also know that price swings fluctuate with this investing strategy. Over the long term, as Bitcoin becomes rarer with time, your investment will grow handsomely for years to come.
Real-World Retirement Winners Choose a Bitcoin IRA as Their Investment Vehicle of Choice
As you can undoubtedly tell, this is my personal favorite strategy for Bitcoin investing. It’s safe, secure, and designed to capitalize the most as a long-term investor. Cryptocurrency IRA investing is tremendous because it has tax advantages up the wazoo.
You get to take advantage of the same tax breaks as a traditional IRA. But you also get to make your own investing decisions in lieu of a broker. Sounds great, right? It is because it’s the perfect way to take full control of your financial future for retirement.
Bitcoin IRA accounts provide many advantages over other styles of investing. The major benefits of this investing strategy include:
- You can increase your account value through tax-free or tax-deferred investing. The tax benefits depend on how you set up the account in the beginning.
- The price of Bitcoin is on fire at the moment. In fact, Bitcoin broke $15,000 yesterday and currently trades at $15,250. Talk about a monster investment!
- The US dollar doesn’t have a prayer at this point. Between inflation, political uncertainty, and stimulus, it will continue to lose value as long as these problems continue.
- Bitcoin is a hot commodity amongst the rich and famous. Celebs like the Winklevoss twins, Snoop Dogg, Paris Hilton, and Richard Branson are all big-time Bitcoin investors.
Click here to learn more about the top three Bitcoin IRA companies currently providing their services right now.
I started this piece off telling you about the various ways to invest in Bitcoin. But the title says, “How do I invest in Bitcoin wisely?” I believe the answer has been made very clear. But to reiterate, the wisest way to invest in Bitcoin is through a cryptocurrency IRA.
Are you ready to learn more about cryptocurrency investing? Are you ready to finally open a Bitcoin IRA account? You need to choose a reputable broker that you can trust. I narrowed it down to the top three and reviewed each company. Click here to read my unbiased review without delay.