That’s awesome. I wonder if it’s possible to transfer funds from an employer provided 401k into that without tax consequences?
Bitcoin ETF?
- Thread starter long
- Start date
For me, I can't roll over funds until retirement. So, will just have to wait for some additional open end funds to be approved. One important drawback to the futures-based open end fund is its high expense ratio (1.4%).
The fees for this (not including the bid-ask spread?) are simply outrageous.
https://bitcoinira.com/wp-content/uploads/2022/10/fees-and-services-new-3.99.pdf
This explains why they don't make this easy to find on their website.
The first 2 fees are not a really a problem, the product is not meant for active traders, buy and hodl bitcoin for long term retirement
The last one, less than 1%/yr, it was competing with GBTC that has 2%/yr, now that it has to compete with spot etf's some charging 20-25 basis points/yr as soon as self-directed IRA's get access to those spot etf's, it's game over for bitcoinIRA or it would have to lower the fees
Most cannot unless you change jobs or retire
I saw a video explaining bitcoin futures etf's are bad products, wall street players getting cuts right and left at the cost of investors
SEC protection via approval of futures before spot (/sarcasm)
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If you think that is bad, try living under Canada's oligopoly of only 5-6 banks. lol
Thank god that Fintech has come to save the day. Though the fiat banks sure don't like them.
Thank god that Fintech has come to save the day. Though the fiat banks sure don't like them.
Since IRAs have annual contribution limits, and working people typically contribute at each payday for many years, the 3.99% or 2% front end loads are meaningful. Unless one wants all their investments in crypto, this IRA is a bad deal.
Here is an article on different options for bitcoin IRAs.
https://www.investopedia.com/best-bitcoin-ira-companies-5115296
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TradFi products have "employees that need to get paid"
ALL YOU DO IS COMPLAIN AND WHINE LIKE A LITTLE BITCH, Opt out!!!!
Buy real bitcoins, store the private keys, NO unnecessary FEES
Exactly (just like I wrote here)-- the only ones benefitting from bitcoin ETFs are the issuers and custodians collecting fees and bitcoin owners not paying someone else to hold them.
I have been loading out my crypto ETFs for years. Even after my brokers take their 50% cut, I still make more to offset the MER.