My Choice IRA Account is Open and Funded
Finally
You may recall that two months ago I put myself on the waiting list for a Choice IRA [Here]. Well, my number finally got called. I started the opening and funding process while BTC was still about 20k, so I decided to roll over 20k from one of my existing IRAs so that I could hodl a full bitcoin there. Unfortunately, the market decided to not cooperate with my plan and BTC doubled before my rollover was completed. Not wanting to be left out of the party entirely, I decided to purchase 10% of a BTC at exactly 40k, and hold out hope we get a correction. As you can see, the transaction took about 24 hours to complete, so this account is by no means something you could day trade with. This account is clearly for some HODL bags.
A Full Bitcoin
Even with a decent correction, I will still most likely need to deposit another 10k or so to get a full BTC in this account. I don't think 16k is going to cut it. There are worse problems to have I suppose. I'm already up $80! I hope the timing works out with a correction. I know it's counter-intuitive that I want a correction now that the 40k seal has been broken.
What Can You HODL on Choice?
Besides BTC, there are a number of other traditional and crypto assets you can purchase right from the app. On the traditional side, these include AAPL, AMZN, BA, GOOG, IBM, MCD, and MSFT. Besides BTC, for crypto you can purchase BCH, EOS, ETH, LTC, XLM, XTZ, and ZEC. Apparently you can also hold alternative investments such as real estate, and precious metals such as gold. On the back end, trading for crypto assets is done through Kraken, and traditional by InteractiveBrokers. Below is the current list:
What's Next?
Most likely I'll buy a few BCH to hold in here as a hedge against BTC. I'm also not sure at this point how I transition over to the Casa, 'Hold Your Keys' version. I suspect that more functionality and assets will be added to this website, as it seems to have the minimum currently. Seeing my goal is to have a tax-sheltered BTC, that's good enough for me.
If you are interested in opening an account, go to https://www.retirewithchoice.com/ and check it out.
Posted Using LeoFinance Beta
Ah stacking and building your portfolio like a boss!
So neat to see you able to diversify between stocks and cash and crypto.
It will have to be a hell of a correction to scoop up a 20k BTC but a hell of a correction generally follows a crazy bull run like this. You never know.
Good luck on the investment and bravo for using blockchain and #leofinance to share it!
Thanks! I'm pretty sure I'll have to add more funds to get there. Maybe we'll get a pull back the lower to mid 20s. Who knows?
Someone says Bitcoin bull run stoped. Is it right?
I doubt it. This could be a multi-year bull market, but nothing goes up in a straight line on a long enough time frame.
Ah man sorry to hear you got burned on the delays with setting up an account! You sound like you're well spread though and although I was really tempted to continue the DCA approach to buying BTC, when it got above £28k, I decided to just let it go and so will look to diversify from here on out although your portfolio is like mine - heavily on crypto 😀