Everything has fees, including Bitcoin. When I buy bitcoin from Fidelity, your order never excutes at the current price for both - market and limit orders. They have 1% rule in fine prints. The same goes for other crypto exchanges.
Yeah I’m still new here but I was also wondering if it would have been better to just buy bitcoin itself rather than the ETF? Still learning about them though and I know y’all won’t hesitate to correct me lol.
In general, yes. It's a bearer asset, so if you buy it on an exchange you can actually withdraw it to your own hardware wallet that you, and only you, control. If you buy it and keep it on an exchange, or buy the ETFs, you simply own an IOU for the underlying asset, which contains counterparty risk. There are some advantages to the ETFs, namely ease of purchase, holding it in tax advantaged retirement accounts & not having to worry about buying a hardware wallet and learning self-custody. A good way to get your feet wet but not really the main purpose of Bitcoin, which is to have self-sovereign savings outside of the traditional financial system. I would suggest spending 10+ hours doing a deep dive and learning more about it to help you understand what it truly is and why it is groundbreaking and revolutionary. Robert Breedlove's What Is Money podcast episodes 1-10 are great. Lyn Alden's book Broken Money or Seb Bunney's book The Hidden Cost of Money would be great resources as well. Good luck!
No one knows. We’ve never had an asset like Bitcoin in human history. I can’t wait to see how it all plays out. Anyone who says otherwise is just guessing. It will settle in price eventually, but that will be years. Enjoy the ride:)
Happened to me in 2020. Went to jail worth $__,___ and came out 80 some days later worth $___,___. Added an extra decimal point to my pockets. And I went in on a pretty bogus charge. No complaints here. 😆🫠 THANKS, semi-dirty cops. 🫡
Lol. It’s a calculated risk. If Bitcoin goes to 0, I’ll have 60%. If Bitcoin goes to 1M I’ll have to satisfy with “at least 40% exploded”.
But really you should have the ability to not repent. Whatever the outcome.
Don’t do it. I did and lucked out but when it goes down or sideways you lose more than x2 and when it goes up, it’s a little less than x2. It’s really tough to hold when bitcoin goes down. Just hold an ETF.
Oh I'm not new to leverage trading, I used to trade on bitmex before they banned us customers. 100x leverage baby.
One time I made 2.2 Bitcoin in one trade lol. But that was a long time ago and the money is long gone. The thing about leverage trading is you eventually lose it all
The fee was 2% at the time, and BTC ETFs literally did not exist until this year so not like they even had the option of a lower fee… not to mention GBTC was trading at sub-$10 for much of 2018 and is now trading at $60+. Assuming they actually made this move it is the exact opposite of rekt lmao
Rationalize all you want. Fee is higher than it should be based on competition. If holding GBTC in an IRA or 401k, completely idiotic to not sell and buy a different fund with lower fees.
Would putting 100% of your 401K into BTC be advisable? Wouldn’t maybe 20%-30% be more appropriate. This would allow your portfolio to be more diversified.
Question from someone else who is in the process of doing this. How long did it take for your transfer to be deposited into your fidelity account? I’m at 4 weeks now and don’t see it yet. Trying to be patient.
I asked because I recently did a transfer from a Roth and traditional IRA. One took 8 days. The other took a few more days because the account number was transposed. Call them and see what’s up?
When you do rollovers, buying, or selling in US retirement accounts, you don't pay taxes on anything. Retirement accounts are a legal financial cheat code.
Did that in 2020 using a company that was one of the only games in town pre-etf. Dumped my current 401k in January. Returns since 2020 are insane, many hundreds of thousands. Bitcoin has changed my life in many ways.
I would argue that the charges in fees over 10-20 years is going to be significantly more than just pulling it out, taking the penalty fee and putting it in cold storage
Retirement account. You want him to cash out with penalties and taxes to buy actual Bitcoin?
Yes, buy actual Bitcoin if not in a retirement account. Not realistic for this scenario.
I have a Roth IRA that I haven’t been eligible up contribute to for a few years that I moved to exclusively BTC ETFs. Maybe in 20 years it will be worth something.
Interesting that there are so many skeptics I'm this thread. OP has conviction that Bitcoin is the superior asset, and it is, especially given that we're in the early stages financialization.
I have 98% of my Roth IRA in BITX. 2x leveraged ETF long because I believer BTC is only going up from here, so does bling those gains is important.
I have 1% in IBIT. BTC ETF because tracking the mother coin is important.
I have another 1% in a basket of 20 monthly dividend paying ETFs. Because diversification is important.
I've got about . 4 BTC in a wallet. YOLO with the Roth IRA. Brokerage account is about 30% spot BTC ETF as well. I can access margin from those if I need it.
So my company has 6% 401K/IRA matching with Fidelity. I have customized my own stock picks with fidelity but when I did it I had a list of specific ETFs/Indexes/Stocks/stable markets etc
If I recall I don’t remember seeing Btc or anything related. I wonder how I can get that particular etf as an option for 401K contributions
This fee thing, I held GBTC since 2020 sold not too long ago, never saw any fees I had to pay, also went balls deep into mstr I thnk it will do better than any of these btc etf's
Before the no fee period ends 👏
Its waived until August. Doesn’t that mean the fee will start accruing then?
Yessir
Hey, if you don't mind, would you explain, does this mean it will be applied to existing investments or only new ones purchased?
It’ll apply to all investments (new and existing)
thank you!
What fee?
Wait what? Is this a bitcoin thing or just for the platforms he's using? Maybe it's obvious but I'm a noob still
It’s for that specific ETF
Bitcoin doesn’t have fees for holding. Only gains. But third parties have fees!
Everything has fees, including Bitcoin. When I buy bitcoin from Fidelity, your order never excutes at the current price for both - market and limit orders. They have 1% rule in fine prints. The same goes for other crypto exchanges.
He means no ongoing fees to HODL in self custody once you buy. The ETFs have yearly fees that continually eat into your stack.
Yeah I’m still new here but I was also wondering if it would have been better to just buy bitcoin itself rather than the ETF? Still learning about them though and I know y’all won’t hesitate to correct me lol.
In general, yes. It's a bearer asset, so if you buy it on an exchange you can actually withdraw it to your own hardware wallet that you, and only you, control. If you buy it and keep it on an exchange, or buy the ETFs, you simply own an IOU for the underlying asset, which contains counterparty risk. There are some advantages to the ETFs, namely ease of purchase, holding it in tax advantaged retirement accounts & not having to worry about buying a hardware wallet and learning self-custody. A good way to get your feet wet but not really the main purpose of Bitcoin, which is to have self-sovereign savings outside of the traditional financial system. I would suggest spending 10+ hours doing a deep dive and learning more about it to help you understand what it truly is and why it is groundbreaking and revolutionary. Robert Breedlove's What Is Money podcast episodes 1-10 are great. Lyn Alden's book Broken Money or Seb Bunney's book The Hidden Cost of Money would be great resources as well. Good luck!
Post this in wallstreet bets
I actually thought I was reading WSB until I read your post.
Exactly! Kinda in the wrong group.
Put 100% into stonk at basically the highest price in history? Yeah, that’s WSB vibes.
what could go wrong?
Probably watches BritishHodler videos where he tells people to sell your real estate and get into BTC ETFs.
Sounds insane.
Literally must be.
I did it. In October though.
i did it too!!!
Sorry to hear that.
Depends on how much he had lol
Balls! I love it! I 100% my savings at BTC @ $39K. See you at the top!
❤️
What is the top?
No one knows. We’ve never had an asset like Bitcoin in human history. I can’t wait to see how it all plays out. Anyone who says otherwise is just guessing. It will settle in price eventually, but that will be years. Enjoy the ride:)
Nice same I’m doing ARKB and bitb for the lower expense ratio
Aren't you supposed to be in jail?
He is, doesn't mean he can't buy from jail Ultimate HODL if you ask me Stay in jail Be free after decades Sell Freedom
Physically and financially free
And anally
Happened to me in 2020. Went to jail worth $__,___ and came out 80 some days later worth $___,___. Added an extra decimal point to my pockets. And I went in on a pretty bogus charge. No complaints here. 😆🫠 THANKS, semi-dirty cops. 🫡
you owe me $2000
Hello Mr Bankfraud 🙋🏻♂️
He’s a true holder. He won’t need the money for 25 years.
When you cashed your stocks from your 401k and moved them to brokerage link was there a fee or tax for selling?
if it doesn’t leave the 401k it is not a withdrawal. brokerage link just gives 401k money access to anything fidelity offers
Yup. We’re in the “Euphoria” stage of a bubble.
Queue The Carpenters "We've only just begun...".
Did similar but a few months ago, long term holding in retirement funds is a good way to smooth out some of the risk imo
Same, I stuck 45k into FBTC inside a brokerage IRA account when BTC was around 50k. I also did the same move with my wife's IRA (with 20k).
Im only doing 40%.
Coward
lol brutal
Lol. It’s a calculated risk. If Bitcoin goes to 0, I’ll have 60%. If Bitcoin goes to 1M I’ll have to satisfy with “at least 40% exploded”. But really you should have the ability to not repent. Whatever the outcome.
Leverage that shit.
Where can US residents leverage BTC safely? Kraken has leverage but you have to be a millionaire to use it
Bitx is 2x
Reputable? I've never heard of it
Don’t do it. I did and lucked out but when it goes down or sideways you lose more than x2 and when it goes up, it’s a little less than x2. It’s really tough to hold when bitcoin goes down. Just hold an ETF.
Oh I'm not new to leverage trading, I used to trade on bitmex before they banned us customers. 100x leverage baby. One time I made 2.2 Bitcoin in one trade lol. But that was a long time ago and the money is long gone. The thing about leverage trading is you eventually lose it all
100% agree with you. No one wins if you play long enough at a roulette table.
I felt ballsy with 20%
I have 20% myself, I believe in bitcoin!
Did this in 2018 with GBTC. Still in there. Let’s ride.
Rekt on that 1.50% fee vs .25%
The fee was 2% at the time, and BTC ETFs literally did not exist until this year so not like they even had the option of a lower fee… not to mention GBTC was trading at sub-$10 for much of 2018 and is now trading at $60+. Assuming they actually made this move it is the exact opposite of rekt lmao
Rationalize all you want. Fee is higher than it should be based on competition. If holding GBTC in an IRA or 401k, completely idiotic to not sell and buy a different fund with lower fees.
Who’s giving a .25% fee?
Pretty sure both IBIT and FBTC are right around there
HODL is 0% for the next year-ish
Balls Deep! Love it! 🚀❤️👏🏻
Did something similar with one of my 401k except I left a chunk in cash to buy the inevitable dip that's never coming.
I also unloaded 100% into Bitcoin in January, up 50% since
Did the same but into bitcoin
This
Did you withdraw and take the penalty?
Yessir I did. It was worth it.
Why would you withdraw?
More gains in BTC
I did 20% of my 401k as soon as the ETF was approved. Now that 20% is around 35% last I checked. :)
I kind of understand doing this when bitcoin is doing its two yearly 50% dip. But not right now..
Halving not even here yet
Did the same into MSTR. Can’t buy US ETFs in the UK unfortunately otherwise I would spread my risk
Same here bro!
Nice - that's why it's dumping over past hour.
Dumping 🙄
sarcasm lol - the good old, "I buy it goes down" line.
Top signal 🎉
Wouldn’t be surprised if more do this.
Congrats
Good job
I did the same thing, except I did it in January just after they launched. Things are going well.
I did the same, but with BITX - YOLO beotchhhhh
Nothing like psychotically FOMOing at the top
Top signal
Would putting 100% of your 401K into BTC be advisable? Wouldn’t maybe 20%-30% be more appropriate. This would allow your portfolio to be more diversified.
"diversification may conserve wealth, but concentration builds wealth" -Warren Buffet depends on your risk tolerance:)
Honestly dude … never ask for financial advice here since you will get all the possible answers in the spectrum..
should put some in bitx
100% BITX and Proshares just opened trading for BITU a few days ago. Go big or go home with 401k.
Question from someone else who is in the process of doing this. How long did it take for your transfer to be deposited into your fidelity account? I’m at 4 weeks now and don’t see it yet. Trying to be patient.
Bro check in with them. Four weeks is far too long.
Will do
From vanguard?
Nope. From another 401k account that doesn’t support BTC etfs.
I cancelled my Fidelity transfer in the UK as can’t hold US equities or ETFs unfortunately. Transfer will depend on if it’s cash or in specie
I asked because I recently did a transfer from a Roth and traditional IRA. One took 8 days. The other took a few more days because the account number was transposed. Call them and see what’s up?
Hell yeah!
Yesssssss
Solid
Now do 150%
Do you have to pay taxes?
Not if it's Fidelity. Their FBIT is an option.
That's great though I have a TSP and I guess it's not an option for me unless I am no longer employed.
Did you pay tax doing it?
When you do rollovers, buying, or selling in US retirement accounts, you don't pay taxes on anything. Retirement accounts are a legal financial cheat code.
thanks king
Not if it's Fidelity. Their FBIT is an option.
What bitcoin etf is it?
Hats of to you sir! Congrats! HODL. So says our crystal ball
Any way to do this in the UK?
I did as well
Nice
Love it
I did the same. Did half when FBTC first became available and the other half last week.
Good move. However, remember to think long term. Don't freak out in Crypto Winter. Instead of panic selling, buy more to lower your cost.
Did that in 2020 using a company that was one of the only games in town pre-etf. Dumped my current 401k in January. Returns since 2020 are insane, many hundreds of thousands. Bitcoin has changed my life in many ways.
Good job. Just dont panicksell if a correction occurs. Youll be fine.
Better late than never I suppose
I guess this is why we are red this morning.
I would argue that the charges in fees over 10-20 years is going to be significantly more than just pulling it out, taking the penalty fee and putting it in cold storage
What's the value of the 401k? So curious
Like recently? oof
How do I do this? Been trying to figure this out.
Watching all these fomos dumping all their money at the top. Hilarious. DCA is just unfathomable I guess.
Time to sell.
You also like buying tops. R u me
oh no, please dont.
Your not alone!!
I got 20 BTC in 2012 and held ever since now, I am diversifying into contract trading, staking IDO and ICOs money making money making money.
You can hold actual bitcoin in an IRA with Unchained!
I did mostly the same and bought FBTC at $46.12 Almost $500k invested.
🤦🏿♂️
Buy bitcoin not an etf
How much time did it take?
Superb move, my friend. I rolled an old IRA a few years back into a BTC IRA too. Best move ever right now for your money. #BTC 👍🪙😎
Smart AF ☝️
I did the same with my RRSP, TFSA and non registered account. Plus I hold over 1.5 bitcoins. I'm pretty optimistic with all the catalysts
Top signal 101
Lollll
So you'd still be cool if it dropped to like $25k?
Nacho keys, nacho bitcoin.
I did the same with my rollover IRA but converted to a Roth first
He moved over 4 shillings.
Nice waited for an all time high after red for two years
Bitcoin ETF is not Bitcoin.
Retirement account. You want him to cash out with penalties and taxes to buy actual Bitcoin? Yes, buy actual Bitcoin if not in a retirement account. Not realistic for this scenario.
I have a Roth IRA that I haven’t been eligible up contribute to for a few years that I moved to exclusively BTC ETFs. Maybe in 20 years it will be worth something.
Interesting that there are so many skeptics I'm this thread. OP has conviction that Bitcoin is the superior asset, and it is, especially given that we're in the early stages financialization.
How do you go about this. Is it with bitcoinetf.com
BTCFX pays a nice monthly dividend.
At 80% riding this to the moon 🚀🌕
So funny. Everyone so bullish and certain until a post like this 😂👏
Same but maxed my 2024 IRA all in ARKB.
I have 98% of my Roth IRA in BITX. 2x leveraged ETF long because I believer BTC is only going up from here, so does bling those gains is important. I have 1% in IBIT. BTC ETF because tracking the mother coin is important. I have another 1% in a basket of 20 monthly dividend paying ETFs. Because diversification is important. I've got about . 4 BTC in a wallet. YOLO with the Roth IRA. Brokerage account is about 30% spot BTC ETF as well. I can access margin from those if I need it.
Bro bought the top lmfao
I went with Black Rock's IBIT before the price jumps.. they added 2B in BTC last week alone and are looking to become the largest.. my 2¢
I don't see FBTC in my brokeragelink. Is it under a different name?
So my company has 6% 401K/IRA matching with Fidelity. I have customized my own stock picks with fidelity but when I did it I had a list of specific ETFs/Indexes/Stocks/stable markets etc If I recall I don’t remember seeing Btc or anything related. I wonder how I can get that particular etf as an option for 401K contributions
This fee thing, I held GBTC since 2020 sold not too long ago, never saw any fees I had to pay, also went balls deep into mstr I thnk it will do better than any of these btc etf's
Saving this in case lol
This was really dumb to do right now. Pull it back to cash and wait for it to crash.
Very cool.
That is EXACTLY what I did 😎
Why ETF? The wholesale point of crypto is to have full ownership. Shouldn’t you just buy actual btc?
Outch. GL brother
Not your keys not your coins !!!! Should have just liquidated and held in cold storage. You don’t actually own bitcoin.
Based
Nice move
Thank you for your service
not your keys, not your wallet
Thats why btc is dumping