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Is it a bad idea to store 2-3k in bitcoin while I save up for a new pc

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Just thought maybe I could make a few dollars having it there instead of sitting in my bank account, wondering if anyone thinks i should do that, will only sit there for a couple months

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View Reddit by Naive-Syrup-75View Source

Written by BTC India

25 Comments

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  1. bad idea. btc is volatile in short term. you could end up with less $$ when you need to liquidate. it could also be worth more at that point. only put in what you can afford to lose , that way you can hodl and not risk timing the market

  2. Don’t listen to the long term people. It’s a great idea, I’ve been using Bitcoin as my bank account for the past year, using it for my everyday spending and I think if it was a bad idea I would’ve been aware of it months ago, but no I’ll stick to the be a spender/adopter ideology

  3. The comments I’m reading here are dumb, and wrong.

    Bitcoin is the best savings vehicle in history. Large, volatile drawdowns aren’t that common. You’re historically more likely to have a *larger* amount of purchasing power, even in the short term.

    And, in the rare event that you put your savings in Bitcoin right before one of those large drops, just wait it out. You probably don’t need that thing as much as you thought. Be frugal for a while, until the purchasing-power comes back.

    Bitcoin is going up forever. The day this isn’t true means there’s something very, very wrong with the world.

  4. If $3K doesn’t already cover a new PC, you’re not doing it right. /r/BuildaPCsales

    And stick what’s left over into Bitcoin. But it’s only long-term. Think 4 year time horizon or more. If you need less of a lockup, just stick to HYSA I guess.

    Edit: Staying in Bitcoin for only a couple of months is even worse if you’re in the US. Taxes.

  5. I am surprised this seems to be an unpopular opinion, but I would (and did) this using Strike a month ago. Of course it paid off, but I agree with the others that short-term it has a degree of risk, if you *need* that money to be liquid.

    I think the idea of keeping money that you don’t need in a fiat savings account is dumb.

  6. You’re better off just throwing that money into an Apple Pay savings account that gives you an APY of 4.15%. If you don’t trust apple, find any other savings account that will match close to that APY.

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