A lot of people got interested in having their retirement plans in Cryptocurrency after hearing stories of people making millions of dollars on their initial investment in Bitcoin and other cryptocurrencies. 

With Bitcoin as one of the popular choices, people are starting to venture into the crypto industry. Some use a part of their 401(k) savings and others, especially those who are knowledgeable in using exchanges slowly bought Bitcoin every month which is called DCA or Dollar Cost Averaging. Although they need to consider the cryptocurrency that will really last for 10 years or more so they will really have a retirement fund that they can tap into when they retire.

There are a lot of risks that need to consider when using cryptocurrency for retirement considering the volatility of the market. The value could easily plunge (Just like what happened to Terralabs coin “Luna” or even worst rug-pulled to becoming worthless when you choose the wrong cryptocurrency.

People who have invested and been in the industry for a long time bought the top cryptocurrencies like Bitcoin and Ethereum or other cryptos in the top 100 as what they called bluechip crypto. These are the projects that are already well developed and have a low risk of flipping out.

One of the wise things to do when preparing for retirement using cryptocurrency is to buy on the dip or when the market tanks. Cryptocurrencies that plunged usually make a big bounce especially if it’s at the top of the list. One thing to consider as well is diversifying, don’t put your money in one basket. Keep in mind that it’s a retirement fund, something that could be used after a decade or more. So one doesn’t really need to rush, after all, cryptocurrency is here to stay.

Posted 
Jun 27, 2022
 in 
Digital Lifestyle
 category

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