What are the potential risks and benefits of closing my Fidelity IRA account to invest in digital currencies?

1 answers

• Dec 26, 2021 · 3 years ago
  Closing your Fidelity IRA account and investing in digital currencies can be a risky but potentially rewarding move. Digital currencies like Bitcoin and Ethereum have seen significant growth in recent years and have the potential for high returns. However, they are also highly volatile and can experience sharp price fluctuations. This volatility can lead to substantial losses if you're not prepared to handle the risk. Additionally, digital currencies are not backed by any physical assets or government guarantees, which means there is a higher risk of losing your investment. On the other hand, investing in digital currencies can provide diversification to your investment portfolio and the opportunity to participate in the future of finance. It's important to carefully assess your risk tolerance and consider your long-term investment goals before making any decisions.
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