CNBC Millennial millionaire survey

[Value Buy]

Anyone here consider themselves a millennial, but not necessarily a millionaire?
CNBC has surveyed the millionaire class. 
This makes me feel old and out of touch
I own no crypto. I cannot fathom the velocity that goes with it.

www.cnbc.com/2021/12/16/millennial-millionaires-plan-to-add-more-crypto-in-2022.html

NOTE: I posted here on Current events rather than on the investing board because that forum is very slow and lacks participation.

[resolution]

I am gen x and my husband is a millennial. We have maybe 10k worth of crypto on an old thumb drive that I bought a decade ago for entertainment.  Neither one of us is comfortable making any significant investments in it. It always makes me think of the tulip bubble, since I don't see the underlying value in the asset if people stop agreeing to speculate in it.

We are both pretty old fashioned, worked for our money and invested our earnings in long term investments. I suppose we could start speculating in small amounts for entertainment, but I wouldn't want to compromise our long term security with it.

[djAdvocate]

my IRA is 7% Bitcoin.

[resolution]

Dec 16, 2021 16:05:53 GMT -5 djAdvocate said:

my IRA is 7% Bitcoin.

[djAdvocate]

Dec 16, 2021 16:07:10 GMT -5 resolution said:

Dec 16, 2021 16:05:53 GMT -5 djAdvocate said:

my IRA is 7% Bitcoin.

perhaps.

but I have a challenge for you: what is the basis for the USD?

[resolution]

Dec 16, 2021 16:09:06 GMT -5 djAdvocate said:

Dec 16, 2021 16:07:10 GMT -5 resolution said:

perhaps.

but I have a challenge for you: what is the basis for the USD?

As far as I know, absolutely  nothing. But there are a whole lot of people who will have no other option but to accept my USD, as opposed to none who are obligated to accept Bitcoin.

ETA: Most of my money is in real estate or mutual funds that are ownership shares of businesses that have some intrinsic value, rather than in dollars.

[djAdvocate]

Dec 16, 2021 16:12:29 GMT -5 resolution said:

Dec 16, 2021 16:09:06 GMT -5 djAdvocate said:

perhaps.

but I have a challenge for you: what is the basis for the USD?

As far as I know, absolutely  nothing. But there are a whole lot of people who will have no other option but to accept my USD, as opposed to none who are obligated to accept Bitcoin.

ETA: Most of my money is in real estate or mutual funds that are ownership shares of businesses that have some intrinsic value, rather than in dollars.

inside the US, this is certainly true.  any government agency has to accept your currency as legal tender. 

have you been on an airline lately?  they don't accept cash.  I have been other places that don't, either.  so, clearly this does NOT extend to private institutions.

also, there are approximately 5 billion people on this planet that are under no obligation whatsoever to take dollars.  they might choose to take them.  they might not.  but they can absolutely refuse your money.  in those places, they may OR MAY NOT accept Bitcoin. 

have you seen Bitcoin ATM's?  they are an actual thing. 

in short, I have about as much faith in the dollar at this point as I do Bitcoin (not much).  which prevails remains to be seen.  I would not count Bitcoin out, however.

side note: tulips are perishable, last time I checked.  and I WITH YOU on tangibles.  gold falls into that category, as well.

[Value Buy]

Dec 16, 2021 16:09:06 GMT -5 djAdvocate said:

Dec 16, 2021 16:07:10 GMT -5 resolution said:

perhaps.

but I have a challenge for you: what is the basis for the USD?

I am so old, I even missed the "Tulip" meme

[Value Buy]

Dec 16, 2021 16:05:20 GMT -5 resolution said:

I am gen x and my husband is a millennial. We have maybe 10k worth of crypto on an old thumb drive that I bought a decade ago for entertainment.  Neither one of us is comfortable making any significant investments in it. It always makes me think of the tulip bubble, since I don't see the underlying value in the asset if people stop agreeing to speculate in it.

We are both pretty old fashioned, worked for our money and invested our earnings in long term investments. I suppose we could start speculating in small amounts for entertainment, but I wouldn't want to compromise our long term security with it.

Is that 10k based on today's pricing or when you bought it?
Huge difference!
But, regardless, good for you!

[Value Buy]

Dec 16, 2021 16:05:53 GMT -5 djAdvocate said:

my IRA is 7% Bitcoin.

Remember WXYZ?

He bought it as sort of a lark way back years ago to add to his portfolio and was going to let it ride. If I remember correctly that was back at about $5,000 per coin. 

[resolution]

Dec 17, 2021 14:32:00 GMT -5 Value Buy said:

Dec 16, 2021 16:05:20 GMT -5 resolution said:

I am gen x and my husband is a millennial. We have maybe 10k worth of crypto on an old thumb drive that I bought a decade ago for entertainment.  Neither one of us is comfortable making any significant investments in it. It always makes me think of the tulip bubble, since I don't see the underlying value in the asset if people stop agreeing to speculate in it.

We are both pretty old fashioned, worked for our money and invested our earnings in long term investments. I suppose we could start speculating in small amounts for entertainment, but I wouldn't want to compromise our long term security with it.

Is that 10k based on today's pricing or when you bought it?
Huge difference!
But, regardless, good for you!

I paid $100 for it, plus a few dollars to wire the money to the exchange. The exchange ultimately got shut down but I stored my crypto on a thumb drive rather than in the exchange so I didn't lose it. It is much easier to buy now days, but I think another couple of exchanges failed this week and people's crypto is missing.

[resolution]

Legal experts sound the alarm following Blockchain Global (BG), the parent company of crypto exchange ACX, going into voluntary administration in September. 
Similarly, Mycryptowallet collapsed last week, prompting renewed calls for tighter regulation on the crypto sector as a whole.
According to the Guardian, $50 million in cryptocurrency is lost between the two incidents, with ACX accounting for the vast majority of the missing funds.

cryptoslate.com/crypto-in-the-spotlight-as-two-australian-exchanges-collapse-with-50-million-lost/

[djAdvocate]

Dec 17, 2021 14:51:05 GMT -5 resolution said:

Legal experts sound the alarm following Blockchain Global (BG), the parent company of crypto exchange ACX, going into voluntary administration in September. 
Similarly, Mycryptowallet collapsed last week, prompting renewed calls for tighter regulation on the crypto sector as a whole.
According to the Guardian, $50 million in cryptocurrency is lost between the two incidents, with ACX accounting for the vast majority of the missing funds.

cryptoslate.com/crypto-in-the-spotlight-as-two-australian-exchanges-collapse-with-50-million-lost/

theoretically, the dollar should be worth about half what it was 10 years ago.

after all. there are 2x as many in circulation, and the US economy has shown no real growth.

[tractor]

I know several 20-30 yr olds who dabble in crypto. They seem to spend quite a bit of time actively managing it and can make, or loose, $20k a day, easily. Too volatile for me, plus too time consuming.

I may be left behind, but at least have a few tangible assists I can sell. Maybe I should advertise a discount on my house sale, if they pay with crypto....hmmmm