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Savvy Or Stupid? Many Americans Betting Their Retirement Savings On Bitcoin - Benzinga

Published 2 years ago

Savvy Or Stupid? Many Americans Betting Their Retirement Savings On Bitcoin - Benzinga

Benzinga via

Penny for your thoughts on whether putting your retirement savings into bitcoin, the hot but crazy-volatile cryptocurrency, is worth risking a nest egg. BitcoinIRA launched last year and Chief Operating Officer Chris Kline tells CNBC the company is doing roughly $1 million dollars in cash inflows a day. CNBC quoted investor Roy Trimboli, one of 700 individual investors, as saying that the 10 bitcoins in his IRA are up about 300 percent since last year. Edmund C. Moy, former director of the United States mint, serves as the company’s chief strategist and touts its inflation-proof advantages. “Bitcoin is unique in that it’s a completely decentralized currency,” Moy said in a statement. Despite the allure of investing in the hot new thing, experts warn that bitcoin’s volatility is not for the faint of heart. If you put your retirement savings into the stock market, there is almost no chance that you're going to lose everything.” Forbes says the market cap for bitcoin has risen from about $7.16 billion in May last year to $27.9 billion as of July. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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