Squander No. 1: Hurry! Put that nest egg into Bitcoin and triple it in a year!
Yes, it’s the exciting new virtual currency (along with Dogecoin) and duly legitimate. Get in now. Huge profits await the tech-savvy. Blah, blah, blah.
Fidelity, one of the biggest holders of retirement assets with some $4.2 trillion in IRAs, just announced that it is no longer allowing Bitcoin investments in IRAs. In other words, it used to. Yikes. Apparently for some time, investors could direct money into SecondMarket’s Bitcoin Investment Trust, an open-ended trust launched in September. It attracted $62.6 million of real, tangible currency into a fund based on cryptographic-backed, virtual currency.
Sounds like a disaster waiting to happen. It’s one thing to invest in Bitcoin with “play” money that you can afford to lose. It’s a whole different story when your goals are preservation and growth.