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...

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

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

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

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

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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.

shameful bump

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.

Post more latex cuties

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

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

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.

Imagine getting a handjob and balls tickling with those gloves omg

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

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

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

user 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

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.

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

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This user has the real answer. Dca your investment

Ohnonono

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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.

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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.