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22297048 No.22297048 [Reply] [Original]

How retarded would it be if I pulled out $30k i have in my 401K at the age of 25 and buy 2 bitcoin with it once the fees are applied? Also considering getting 1 bitcoin and the rest in ether

>> No.22297103

>>22297048
Tis’ but a male.

>> No.22297142
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22297142

ignore eth in my opinion. I think if you have the opportunity to stack two bitcoins you should take it. one hundred percent. you will not regret holding bitcoin very very soon. Can’t say the same about ethereum but the kids seem to love buying it.

>> No.22297185

>>22297103
kill yourself

>> No.22297206

>>22297142
i think youre right Anon, I'll do this

>> No.22297207

>>22297185
>>>/pol/

>> No.22297222
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22297222

>>22297103
>Tis’ but a male.

>> No.22297225
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22297225

>>22297048
there's a 10% tax on early withdrawals, and you want to dump it into craptocurrency at its yearly peak at the start of a second wave of chink virus and an impending economic implosion. great idea.

>> No.22297267

>>22297048
>How retarded would it be if I pulled out $30k i have in my 401K

Very retarded, have you not got some other savings? You can buy part of a bitcoin you know anon.

>> No.22297337

>>22297267
>>22297225
i dont plan on living in the united states within the next few years and don't think i want anything to so with America. I think I can make a lot more quickly with that $30k with bitcoin than if it sat there anyway

>> No.22297626

>>22297337
Understandable, where are you planning on moving? Cash it out now

>> No.22297741

>>22297626
i was hoping to run away to europe and live a minimalist low cost life style once i "made it" with the crypto I currently own and with the rest i buy. Somewhere like Spain would be fun for a bit, im so young i dont want waste my youth working from home

>> No.22297806
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22297806

>>22297142
eth is the vehicle for uniswap for ERC20 shitcoins. That's why the kids love it. So if OP known's what their doing eth is also a utility for speculation. BTC is a set it and forget it attitude imo

>> No.22297828
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22297828

piece of a real company or some useless digital currency that does not offer any advantage over the traditional money system

>> No.22297918

You can always transfer part of it to a roth ira and then buy some GBTC. You'd just need to pay taxes on the amount you transfer when you do your 2020 taxes. I don't think it would be a bad move, you're young.

>> No.22298561

shameful bump

>> No.22298638

I was thinking of doing the same but not permapulling it from my 401k, just doing a loan. A 401k will be repaid over 5 years while the market is taking it in the dick, while I continue to make my usual contributions, so 5 years from now it will essentially be like I never pulled money from it at all (slight gain if the stock market does shit over 5 years, slight loss if stonks somehow magically keep bulling).

Also was gonna buy some gold and silver for teh lulz.

>> No.22298851

>>22297048
Post more latex cuties

>> No.22299510

>>22297741
you’re not gonna make it in Europe, poorfag. why you trying to escape the US? you smell like a sjw cuck

>> No.22299543

>>22297048
It’s a terrible idea. You’ll pay a 10% penalty and pay tax on your gains.

>> No.22299587

>>22298638
I did this with my TSP (govcuck), pulled $20k and bought 40k LINK with it. Now it's worth about $500k. I pay interest on the loan but it's paid into my own retirement account, so effectively it's a 0% loan.

>> No.22299629

>>22297048
Imagine getting a handjob and balls tickling with those gloves omg

>> No.22299698

>>22297048
I emptied my entire 401k last year and bought 10 bitcoin. I ignored basically every instinct I had when I did it, no regrets. Don't let the penalties scare you, you have to pay taxes on it either way whether now or 30 years from now so that's a wash. The only difference is an extra 10% penalty fee which honestly isn't that big a deal, in your case it's only 3k. They'll probably raise taxes by more than 10% between now and when you retire anyway to keep the ponzi going

>> No.22299721

>>22299543
You pay tax on the gains anyway dude whether now or later

>> No.22299736

>>22297048

Bad idea you should just invest regular wages until you have 1-2 BTC.

>> No.22299766

>>22297048

Anon your 401k should be the backup plan in case crypto fails. Don’t be one of those 60 year old boomers who has nothing saved for retirement. You can still gamble with crypto but don’t fuck with your 401k

>> No.22299886

>>22297048
Did the same thing, no regrets. Just all in BTC, where the real magic is, not in joe jerkoff XYZ premined token created out of thin air. Remember that.

>> No.22299999
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22299999

>>22297828
And (((who))) decides what real money is filthy Goyim ahahahahahah

>> No.22300160

>>22299736
This anon has the real answer. Dca your investment

>> No.22300172

>>22299999
Ohnonono

>> No.22300202
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22300202

>>22299999

>> No.22300269
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22300269

I think it's a bad idea. Consider a 401k as a safety net if all else goes wrong at most. And besides, you don't want to get to retirement age and have fuck all because you gambled it all away on Bitcoin.

>> No.22300374

>>22297225
There is no withdrawal penalty if he uses the covid hardship withdrawal allowed by the CARES Act.

...Or he could wait until he is 60 like a good little boomer.

>> No.22300696

>>22300374
lol, good luck providing documentation that you withdrawing $30k to buy bitcoin was necessary due to COVID

>> No.22300922

>>22300269
This.

>> No.22300954

>>22297103
this

>> No.22300986

>>22297142
This.

>> No.22301067

>>22297048
Personally would go 1 BTC and the rest ETH, but ultimately don't give a shit what you do

>> No.22301158
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22301158

>>22299999
nice digits

>> No.22301347

>>22300696
I withdrew $20k from fidelity 401k and I literally just had to check a box:
>I swear I was adversely affected by COVID-1

deposit came into my account the next day.

>> No.22301973

>>22297048
Do it, risky investment are made when young

>> No.22302100

buy sushi and travala instead. turn that 30k into 3m, dont have to work for the rest of your pleb life

>> No.22302365

>>22297048
That would be stupid

>> No.22302578

>>22297048
it's weird because on the one hand it is very irresponsible, but on the other hand I am sure that in the long run it would pay off immensely.

>> No.22302859

>>22297048
Instead of taking your money out now and dealing with the tax penalty, I also concur with these anons (>>22298638 >>22299587) that you should consider if your 401(k) provider has a "loan" option that I can do with my account (also TSP). Just use a portion of your crypto gains to pay it all back in due time. Your 401(k) account is a protected asset per ERISA so you do not want to empty out your entire 401(k) account just in case you one day end up on the wrong side of a lawsuit.