Before you spend your hard-earned cash on crypto, consider how it will fit in with your investment strategy, estate planning, risk tolerance and income taxes.
Bitcoin, Litecoin and many other name brand cryptocurrencies can be bought through specialty brokers like Coinbase or Robinhood. Famous athletes and actors often tout digital currency and draw us into the exciting concept. You can buy, sell or spend cryptocurrency, often called simply crypto.
Think before buying Investment laws do regulate the sale of crypto. And the federal government is trying to educate investors and savers on the pitfalls and scams associated with this investment. Here are four important financial planning concepts and how you need to look at them in light of a crypto investment:
Plus, if your legal documents do not grant authority to your executor to handle your digital assets, your heirs could be facing an unnecessary hassle with the crypto provider. Even your investments in brokerage firms are guaranteed up to limits. Securities Investor Protection Corporation insurance covers you if the company, not your investment, goes under. There is no such assurance from Coinbase COIN, +1.11%, Gemini or other cybercurrencies.
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