Is It Wise to Bet on Bitcoin for The Long Term? My Super Fund Dilemma

welcomeUniverseWorld on 15/12/2024 - 15:43

I wanted to share something personal and hear your thoughts—no judgment, please! About a year ago, I decided to allocate a portion of my $175K super fund into Bitcoin through my SMSF. Fast forward to now, and that portion has appreciated significantly. The returns have been nothing short of juicy, and I can't help but wonder if this could be the path to financial freedom.

I still have about 15 years until retirement, which brings me to a big question: Should I hold onto this Bitcoin investment for the long haul?

If Bitcoin even comes close to repeating its performance from the past decade, I could be completely financially independent when I retire. That’s the dream, right? But the flip side is terrifying—if Bitcoin crashes and never recovers, I could lose that portion of my super fund.

Is this a calculated risk worth taking, or am I playing with fire by relying so heavily on Bitcoin?

I’m genuinely looking for perspectives. What would you do in my shoes?

Financial Cryptocurrency

Comments

    • SlickMick on 16/12/2024 - 17:31
      +1

      There has certainly been some events that could justify a gambler piling on. (Obviously ETFs mean lots of buying which artifically inflates the price.)
      The trick is to dump before everyone else does, and that's were lots of people are going to get hurt.

      There are many ETFs I wouldn't touch. But I'm sure they have lots of warnings to ensure they don't get sued when that big aha moment comes.
      Financial companies will make lots of money selling people what they want, and it's no lose to them when it dissolves.

      • May4th on 16/12/2024 - 21:16

        ah I remember the days when people worshipped Cathy Wood

  • AndyRates on 16/12/2024 - 14:29

    Is it still good to buy Bitcoin at $106K USD?

    • mitchalbrown on 16/12/2024 - 14:42
      -1

      If you are asking this question then the answer is a no… When you understand markets and cycles you will know when it's time to buy bitcoin.

  • CatalystX on 16/12/2024 - 19:32
    +2

    Don't listen to a single soul on this forum. Great job on your investment, most people on this forum have no idea how to invest and were shitting on bitcoin a year ago. The last thing you need to do is get advice from people here. You obviously made the right choice by buying bitcoin back then so stick to your own decision. The amount of hate for bitcoin on this forum is appaling when it has done nothing but gone up for 14 years. In my personal opinion, if you're planning to hold it for longer (5+ years), you should hold only because bitcoin is designed to counter the debasement of fiat currency. Governments are going to be forced to put themselves into perpetual debt for years to come which will devalue all fiat currencies. Good luck mate

    • SlickMick on 16/12/2024 - 21:55

      Sounds like you haven't been around long enough to see what happens when prices are pushed beyond intrinsic value

      • May4th on 17/12/2024 - 08:38

        zoom out and breathe. I'm not for watching the charts, 'time in market don't time the market' applies to any asset class (apart from memecoins)

  • Fredfloresjr on 17/12/2024 - 09:57
    +1

    OP stay away from people in here who talks negative about the coin. They are the same people flexing their $20 monthly savings interest.

    Anyway, Bought the XRP years ago and took the profit to buy alt coins. I mean, JUICY profits. Mothers know best when she told me to invest years ago. She bought Bitcoin when it was around 25k Usd, she's planning to retire early next year at 53.

    • Purp on 17/12/2024 - 13:14

      I too come to ozbargain after making juicy profits on the crypto.

  • OzzyOzbourne on 17/12/2024 - 10:32

    Personally I see it as a a 50/50 gamble. Whether it goes up or down is purely dependant on whether people are buying or selling huge amounts. You can win big or lose big

  • WilliamDGH on 17/12/2024 - 10:38
    +1

    I have about $13,000 in crypto currency, which was about $7,000 3 months ago. I will probably keep them and hope for them to go 10 times or 20 times in 10 or 20 years.

    I don't invest more, but I am happy to keep this amount. If they loss value then so be it, I can accept that. But I don't want to miss out if crypto currency does continue to grow in the rate it did in the last 10 years.

  • drfuzzy on 17/12/2024 - 11:38

    I did something similar and my balance has been a rollercoaster over 6 years. I'm currently up about 1500% but have had 70%+ drawdowns.

    This won't be possible once division 296 tax is passed due to tax payable on unrealised gains.

    • netjock on 17/12/2024 - 14:36

      This won't be possible once division 296 tax is passed due to tax payable on unrealised gains

      Only if you got more than $3m super balance. Nothing to say you can't sell assets to pay the tax.

      Taxing unrealised capital gains is stupid.

  • surg3on on 17/12/2024 - 12:10

    Theres still no good use case for it so eventually the music will stop. The big question is, can you time it?

    • Protractor on 17/12/2024 - 14:34

      The Emperors New Clothes meets Musical Chairs, LOL.

    • netjock on 17/12/2024 - 14:37

      Tech billionaires in the US will call it time when they want to.

      Some of them missed out on the AI boom so crypto is their next adventure to make some money and be even more richer.

  • Purp on 17/12/2024 - 13:05
    +1

    crypto is a scam, take the profits while you can or dont be surprised when you lose it all

    • Fredfloresjr on 17/12/2024 - 13:26
      -1

      As long as you don't buy the MEME coins you'll be fine. The only scam here is the ATO lol.

      • Purp on 17/12/2024 - 14:30

        I wouldn't buy any, but yeah ATO is a scam also.

  • trapper on 17/12/2024 - 13:21

    Bitcoin will exist until it doesn't.

    What I mean is that it is unlikely to slowly fizzle out, with the value trickling away gradually.

    There will be an inflection point where something like a bank run starts, with everyone trying to get out asap. A 'bank run' with no government to step in and guarantee anything.

    Could be a long way off though…

    • Protractor on 17/12/2024 - 14:33

      Hope not. Would like to witness the shit show myself. It'd be a bit like the monetary equivalent of the Sydney NYE fireworks. Seating limited.Get a good vantage point early.

      • trapper on 17/12/2024 - 14:56

        I will happen eventually, and when it does, it will be very quick.

      • Cluster on 17/12/2024 - 17:12

        I remember being online during the first MtGox price crash from $1k. It was fascinating to watch the market burn in real time.

        The key factor to bitcoin's value, and all crypto overall, is Tether. They've never had an audit, and just released 'trust me bro!' statements when anyone asked if they really have the bonds they claim to have. If Tether collapses the entire crypto market will implode within minutes as everyone runs to the closed exits at the same time, but I think it's relatively unlikely. Unless Tether does something really stupid they should be rolling around in billions of dollars of interest per year without risk.

        • welcomeUniverseWorld on 17/12/2024 - 17:16

          Tether is one of the largest holder of US Bonds. If tether gets in any trouble, US bonds will crash. Hence, Tether can not die. Hence, Blackrock has gone ahead and supported the crypto market, aka tether to save US bond market, aka the US economy. It is a circular weird logic.

    • Zizkov on 17/12/2024 - 15:28
      -1

      Bank runs occur because banks only hold a set percentage of funds in liquid form. All BTC is liquid so there is no possibility of a bank run.

      Inflection points go two ways btw.

      • Drpepper666 on 17/12/2024 - 15:29
        +1

        lol no possibility of a bank run - except every crypto exchange that folded for lack of funds 😂😂😂

      • trapper on 17/12/2024 - 16:36

        something like a bank run

        There is no percentage of funds at all held in crypto - every single cent going to a seller has to come directly from a buyer.

  • netjock on 17/12/2024 - 14:39

    Search in threads for Rektrading the user. Tell you all you need to know.

    I got a bit in Binance and also Blackrock Bitcoin ETF. I'm not going to sell it as an investment to anyone. More of a hedge if it does go to $35m. It is F U money.

  • Fredfloresjr on 17/12/2024 - 14:55

    Just Imagine I have this mentality way back 2012, and not wasted money with collecting Jordans and sneakers, I don't have to work now. O well, I am still so glad I jumped 5 years ago.

  • Friendly Troll on 17/12/2024 - 16:08

    Don't be like the Dogecoin millionaire. At least sell half.

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