MONEY: ₿itcoin as opposed to 529?

Tuesday, February 11, 2025

https://www.bloomberg.com/news/articles/2025-02-01/bitcoin-btc-college-savings-plan-parents-ditch-529-funds-for-crypto?leadSource=uverify%20wall

Parents Ditch 529 Plans and Embrace Bitcoin for College Savings

  • Despite the risks and volatility, some families are investing in cryptocurrency to build wealth for their children. 

By Charlie Wells and Claire Ballentine
February 1, 2025 at 11:00 AM EST

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Most parents typically worry about funding 529 college savings plans, brokerage accounts or high-yield savings vehicles for their kids. Now, a subset are eschewing the old ways, pushing instead to pile up enough Bitcoin to help their children in the years ahead.

Some say it’s because stock gains aren’t good enough. Others view it as reasonable diversification. Plenty are true believers — convinced that, despite a more than 500% gain since the depths of the last “crypto winter,” Bitcoin’s climb has only just begun. The world’s biggest cryptocurrency surpassed the $100,000 mark for the first time in December, having changed hands for less than $16,000 in November 2022.

Still, these parents argue their children have long enough time horizons to stomach Bitcoin’s intense volatility.

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Anytime I blog on financial topics, I always disclose faiwwypfi (Free Advice Is Worth What You Pay For It! ?zero?) and I have no hidden interests.  I am willing to buy and sell ₿, goldbacks, and bullion.

Before jumping into this topic, you must be absolutely sure that you won’t lose the keys to the kingdom.  Your wallet should be backed up and secure.  

And, remember you may not be around to extract the value.  Everyone dies  —  sooner or later.  Remember the guy in the UK who threw away his back up hard drive with his ₿itcoin keys on it.  Millions of dollars in a landfill.

It also should NOT be an exchange wallet since “not your keys; not your coins”.

So you are going to have to have a young person to understand and hold keys.

A hardware walled that multi signature is essential.

Remember the Ukrainian tech guy who escaped Ukraine with nothing but his clothes and his twelve word pass phrase?

YMMV

That being said: (1) ₿ is an inflation proof asset; (2) it avoids the Gooferment; and (3) might be a hidden “lottery ticket”.

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RANT: Gooferment Motors bailout has cost over 32B$ dollars so far

Tuesday, October 27, 2015

http://newsbusters.org/blogs/nb/tom-blumer/2015/10/24/not-news-uaw-considering-plan-milk-unemployment-system-if-it-calls-gm

Not News: UAW Considering Plan to Milk the Unemployment System If It Calls a GM Strike
By Tom Blumer | October 24, 2015 | 10:30 PM EDT

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The news coming out of Detroit about near-deadline negotiations between the United Auto Workers union and General Motors has been pretty quiet. As the Sunday 11:59 p.m. deadline approaches, the Associated Press only has a four-paragraph blurb indicating that the union wants to get a richer package than it just garnered in negotiations with Fiat Chrysler. A Reuters report goes into detail about GM’s cost structure still being higher than that seen at Toyota’s and Nissan’s U.S. plants by about 15 percent and 31 percent, respectively. The New York Times is only carrying reports from the wires.

One note of substance about the UAW’s strategy covered at Bloomberg News — surely known to others following the industry who are filing bland reports — is that it plans to milk the unemployment insurance system in the event of a protracted strike.

To be clear, such a strike would appear to be very unlikely, if for no other reason than the fact that Americans remember that the Obama administration bailed out GM at a considerable cost several years ago. The final fully-loaded cost involved was $26.5 billion — not the $11.2 billion touted by the press last year. It’s safe to say that quite a few people would not take kindly to the idea of the primary beneficiaries of that unprecedented largesse walking out on their jobs when so many others are still unemployed and under-employed over six years after the most recent recession’s official end.

(Additionally, the linked $26.5 billion analysis appears not to have picked up the effect of the government permitting GM to carry forward $16 billion in tax losses incurred by the “old GM” into the “new GM” — even though “a business that undergoes a change in ownership usually has to forfeit the old company’s net operating losses,” which certainly happened during the bailout. At the statutory federal income tax rate of 35 percent, that decision alone cost the U.S. treasury $5.6 billion.)

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Argh!

And the UAW isn’t happy?

Talk about Crony Capitalism.

Now they want to stick the taxpayer — via unemployment insurance — with the cost of their “strike”.

Guess no one remembers the current 18T+ national debt and the guesstimated 200T+ in unfunded liabilities that our posterity will have to deal with!

Argh!

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