The process started about 10 days ago, because my company has been bought out I was forced to roll over my 401k. I could have rolled it into a new one, but I was recommend unchained capital to get bitcoin (not an etf)
The process was extremely simple. I had to provide 2 hardware wallets for a 2/3 multisig which was extremely easy to set up on their site. After that it was just a matter of requesting disbursement from my original provider. They sent me a check (made out to fortis bank) and I sent the check to them.
It was deposited, and then like any exchange you just set your purchase. As bitcoin was at $83500, I just pulled the trigger and bought it. I'm sure i could have screwed around and DCA'd it in etc, but honestly I was prepared to get it at $100k so whatever. Now to the downsides.
It's KYC obviously, there's no real way to get around that without paying penalties on my 401k. There is a 250$ annual fee, starting on your 1 year anniversary. Considering how many places use a % based fee I was fine with it. And finally there's a 1.5% fee on trades.
When considering the fact that this is now my bitcoin, that I control with my keys, I'm happy with the deal. It may not be for everyone, but I'd much rather have this set up than a 401k.
Also, it wasn't a massive amount of money, I haven't been putting into a 401k for a terribly long time.
Congrats! That's an AARDVARK style buy, almost 5 Bitcoins!
What's that $250 fees for?
401k is what the retirement program in the US is called not the actual amount. Haha.
I don't think he would post it if he bought that much Bitcoin.
HAHAHAHA omg lol
And I have found about this fund just as I'm reading a newsletter which discusses how can we save tax.
https://open.substack.com/pub/bitcoinfortress/p/tax-reduction-strategies-for-w-2
What a great comeback! đ
Lol I see the confusion now. It was significantly less. đ¤Ł
I wish I bought whole coins lol.
Awesome, fren. Nice to see the price didn't run away from yah!
I've been stressing it probably too much. We can go back to ATH again, I give my permission. Likely we'll crab around here for a while first, but who knows. If you belive the correlation to world M2, the April should be interesting.
what a relief that Mr. Aardvark gives his blessing for the bull run to begin.
...speaking of which: MISTER seems to be doing very freakin well indeed!!
It's a good day to he doing well too. After paying my territory fee this week, my total montly profit was 10577 sats. I'm on slim margins lol.
WOOHOO!
Gotta spend sats to make sats? Territories are expensive đ
Forgot to ask (don't live in America, don't know how 401ks work), but how does this practically work?
Your employer wires Unchained money every month, and they auto-buy bitcoin with it on your behalf...?
(I guess you can't/shouldn't be able to move the bitcoin either, given that it's a retirement account)
So how the 401k works is I contribute every week, and my company matches a small % I was putting in 9% of my wages and the company matched 2%. My company got sold and the new company has a different 401k provider.
Everyone who has a 401k with the old company has to have their old one disbursed. I assume the majority will roll it over into their new 401k. I decided to roll the balance into unchained.
Going forward, I have the option of starting a new 401k, which I might , because I can get a 4% match if I do a 6% contribution. What i need to do is find out if the new company allows you to roll over your 401k (not all companies do) and if so, ill probably do it annually.
Oh right, so you'd have to keep doing this switcheroo to unchained every year? (Unchained isn't a 401k provider, basically, but can hold it eventually)
It's an IRA, so there's other ways to contribute money to them. I wouldn't doubt if some companies allow you to directly contribute, but I'm not sure.
In order to get a 4% match though I have to use my companies 401k provider, and I'll do the switcheroo whenever they allow.
If they don't allow it, then I have to decide if giving up what is essentially a 4% raise is worth just buying bitcoin instead.
Tricksy stuff
Excellent move! đđ
I wish you all the very best.
Welcome to freedom!
That's awesome!
Congrats.
Oh, I would love to do the same, but itâs not possible in Europe
True conviction.. nice!
All in baby.
Sweet! great decision
Great move!
Here is a funny video about the 401K plans...https://www.youtube.com/watch?v=-idu_qMDcks
Cool
Dude, rolling a 401k straight into Bitcoin is a bold move, but depending on your profile, it can make sense. The good part? You have full control over your money. No middlemen holding your funds, no traditional fund bureaucracy. If you were already set on buying BTC anyway, then cool, you're on the path you wanted.
But there are some things to consider. First, Bitcoin is crazy volatile. Sure, you bought at $83,500 and were even willing to pay $100k, but what if it drops hard? Unlike a traditional 401k, which is diversified and has tax benefits, now you're all-in on BTC. If it skyrockets, awesome. If it crashes, well⌠brace yourself.
As for fees, theyâre not terrible. $250 per year isnât outrageous, considering some platforms take a bigger percentage cut. And 1.5% per tradeâwell, not the worst, but also not free. If you're just planning to hold long-term, itâs not a big deal.
Now, the KYC thing... thereâs no way around it. If you wanted full anonymity, this wouldnât be the best option. But since it was either this or paying a penalty on the 401k, there wasnât much of a choice.
Bottom line: if you were already set on Bitcoin and want full control over your keys, this setup makes sense. But it's not for everyone. People who prefer security and diversification might feel safer with a traditional 401k. In the end, it's all about choosing the level of risk you're comfortable with.
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