In part two of their cryptocurrency series, YFP Co-Founders Tim Baker and Tim Ulbrich discuss spot Bitcoin ETFs, the IRS’s stance on cryptocurrency, and strategies for incorporating digital assets into long-term portfolios.
This episode is brought to you by First Horizon.
Episode Summary
This week in part two of the series on cryptocurrency and digital assets, YFP Co-Founders Tim Baker, CFP and Tim Ulbrich, PharmD explore the recent introduction of spot Bitcoin ETFs and how they differ from investing directly in Bitcoin. Tim and Tim also discuss the IRS’s perspective on cryptocurrency and key considerations for including digital assets in your portfolio as part of a long-term investment strategy.
Key Points from the Episode
- Introduction to Cryptocurrency and Digital Assets Series [0:00]
- Role of Digital Assets in Portfolio Diversification [3:12]
- Investing in Bitcoin vs. Bitcoin Spot ETFs [8:52]
- Tax Considerations for Digital Assets [13:43]
- Use Cases and Future of Digital Assets [23:13]
- Fee Considerations for Digital Assets [24:50]
- Conclusion and Next Steps [30:41]
Episode Highlights
“There’s a lot of things that digital assets can solve. If you’re in countries where you have hyperinflation, where the price of bread is double or triple in the morning than what it is in the afternoon, something like a stable currency is really attractive to you.” – Tim Baker [12:18]
“Digital assets are taxed as property, so the IRS looks at it as property. So, and that’s kind of one of the rubs here when Bitcoin was kind of introduced. It was supposed to replace the dollar, or that was the idea. And again, I do think that a digital asset will replace the dollar. It’s just not going to – it won’t be Bitcoin.” – Tim Baker [13:45]
Links Mentioned in Today’s Episode
- YFP Podcast #386: Cryptocurrency & Digital Assets: Definitions, Origins, and Risks
- First Horizon Pharmacist Home Loan
- YFP Book a Discovery Call
- YFP Disclaimer
- Ask a financial question to YFP
- Subscribe to the YFP Newsletter
- Tim Ulbrich on LinkedIn
- Tim Baker on LinkedIn
- YFP on Instagram
- YFP Facebook Group
Episode Transcript
The transcript will be included following the release the episode.
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