Given the choice between a 2000 acre banana plantation and 400 bitcoin. I would choose the banana plantation with full confidence that I would get a better return from bananas over the next 20 years.
This is the worst financial advice anyone could take.
For context, this is the equivalent of someone telling you to invest all your savings in the company you work for and use all your salary to buy more stock.
That makes sense, just treat it as a retirement account. And hope that it doesn't get cracked in our lifetime through quantum computing or alien technology.
Because of inflation, a normal savings account is a depreciating asset. It used to be different, but in the land of near zero prime interest, and phony inflation numbers, that's the way it sits.
Also, the risk isn't zero, just way closer to zero than that of Bitcoin or other crypto, in my opinion.
Through some coincidence I started with 80€, now it’s 20k. Maybe someday it’ll buy my kid a house. Then I’ll take it out. If I loose it all, I don’t care.
What risk are you taking on with a normal savings account?
If you are saying the global collapse of the financial system, crypto will be the first to fall in that case. Crypto like BTC is pretty much a more volatile market tracker.
Ofc a savings account has risk in real terms. But I assume GP was referring to risk in terms of losing principle in dollars.
There’s still some risk short of a global financial collapse where the FDIC rules are weakened, perhaps by making the $250k limit per individual for example, and then there being some bank failures. Or changing to only covering a certain % of deposits etc.
I believe there was an implication of the commenter I responded to that the risk of a savings account is somewhat similar to the risk of crypto. So, I asked said commenter to quantify or describe the risk. A comment simply with the text "A normal savings account does not have zero risk." is useless to a productive conversation.
ICE grabbed a US citizen friend of mine and threw her on a bus and drove her hundreds of miles away and was about to toss her over the wall to Mexico last week.
Civil asset forfeiture is another.
Tax warrants, which have zero burden of proof to be issued, are another.
I don’t keep money in banks, personally, after the third one bit me some years ago and I realized that storing money in banks makes it more likely to be stolen, not less.
That makes absolutely zero sense, and you know it. I understand you are here to essentially shill bitcoin given you have a company that exists because of it but at least argue in good faith.
It's been better for me so far than normal savings accounts.