Husbands inheritance

[lisaloves]

DH has inherited 15k from an Aunt who sadly passed.

We are very happily married with 2 DCs. Comfortable financially but certainly not loaded. Huge mortgage and things we need to do to the house etc.

DH wants to put the entire amount in to Bitcoin. He's reluctantly agreed to just put half in to Bitcoin and the other half in to our joint ISA.

AIBU to think this is selfish?

For reference I am the bread winner by a country mile and we share all of our income. I never question this so it now feels unfair that his money is 'his' money - when for a long time I've earned much more and it's all been shared money.

I don't know much about Bitcoin but from what I've read it's very risky business.

Loads of folk on here talking about bitcoin like they're experts because the market is bearish and they read it was a Ponzi scheme in the daily mail.

Bitcoin is a pretty solid long term investment, bear and bull markets come in cycles (just like every other asset class). Only invest what you can afford to lose (just like any investment). If he does invest in bitcoin, get a hardware wallet for added security. Be prepared to wait 3-4 years before seeing some serious gains again which will be a year or so after the next halving. Don't shit yourself if the price decreases again, it is likely, crypto is volatile and easily manipulated to shake out the weak hands (99% of Mumsnet). Whales will deliberately manipulate the price to trigger massive sell offs and will then buy back at an even lower price. (Just like investment bankers)

Been investing in crypto for around 5 years, dollar cost averaged all of my investments and have spread my risk. Have made 6 figures from an initial 2k investment in the last two years alone.

Putting money in the bank is a mugs game and quite frankly some of the worst advice I hear on a day to day. It will never keep up with inflation and will just sit there depreciating. Do your research, invest in some good funds (mix of crypto, stocks, shares etc) diversify your portfolio and you stand to make a decent amount of money.

As the old saying goes (my fellow investors will back this) time IN the market is better than TIMING the market

Oh, and make sure you pay the right taxes on your gains...

That’s your opinion, so far I have invested very little and made 30k. Just depends but it is risky.

Being in crypto for five years and not realising any profit is mathematically impossible. Unless you've lost your seed phrases or blown it on ultra risky alt coins.

He’s clearly not a good decision maker when it comes to money, as least he listened and not putting the whole lot into Bitcoin. It’s his inheritance so technically he can do what he wants with it, but you might want to rethink your own financial commitment as PP have said.

Best advice so far. So many people spouting their mouths off not knowing a thing about crypto.

Amen🙌💖

bitcoin isnt as it used to be. its on the decline. but the money is his money. i used to think differently but i lost my dad recently and got a little money from him and the household costs swallowed it up and im resentful of it... btw DH lost his mum already and his dad is well off.... i was told shortly after my dad died that FIL wanted a meeting about the will.... i told him that it is nothing to do with me and to sort that with DH. it was all too raw for me anyway my brother was killed and my dad died 7 weeks later.... wills were not what i wanted to be talking about. money does not matter people do. one of my brothers sorted all my dads affairs out and shared it all but if he had kept it all and gone on a holiday i wouldnt have cared. he was my dads main care giver he would have been well within his right and there was no will just general instructions from my dad

How did you come to this conclusion?

I personally invested £10k and withdrew £30k within a year…. I wouldn’t recommend it to someone who doesn’t have the money to lose, maybe find a financial/investment advisor seems sensible

As someone who has friends in the business,
do not invest into Bitcoin

Completely mad to do Bitcoin. And also self centred to look at this as separate from all the income you provide for the family

That's how my husband views it too thankfully. I raise the children and he works. He has never quibbled about money.

Bitcoin is very high value to buy now so presumably only way is down. Like putting it on red or black, or bookies.

What he wants to do isn’t sensible. I agree with other posters about having the conversation about you having fully shared your greater income and that he needs to consider this when deciding how to proceed with this windfall.

Bitcoin investment is more like gambling. Too risky. Many friends lost money

He'd be made to buy Bitcoin, or any crypto tbh. As a laugh earlier this year I bought £50 of Bitcoin. My 'investment' is now worth the princely sum of £11. I'm sure some people have made money, but you need to know your stuff.

@Miffee "Can I use bitcoin at Asda?

Yes.

You can use services like Bitrefill to purchase supermarket gift vouchers, or crypto credit cards like crypto,com to pay by card.

“What’s yours is mine; what’s mine is my own.” He’s being a twat. Can you convince to simply leave it untouched in an ordinary bank account for a few weeks while he does some research and seeks advice from a trustworthy source?

There is more to Bitcoin than a big Ponzi scheme, BUT you should only invest if you know what you are doing and you have time to spend researching, keeping an eye on the price, and managing your risk profile. We have made money on it, but it needs a lot more effort than buying some and waiting to become a millionaire. If you don’t have time to treat it like a job, pay off your mortgage.

Bitcoin is legal currency in El Salvador and the Central African Republic.

Bitcoin can be spent on many things, either directly, through the lightning network, through gift cards or through crypto cards.

You cant buy NFTs with bitcoin. Bitcoin core does not support NFTs, although some side-chains (like stacks, rootstock, sovrign) and alt-coins do. Most high value NFTs are on the Ethereum chain. Ethereum is not the same as Bitcoin.

I agree with most that has been said here.

A personal inheritance is just that, and as a comparatively small amount, he should do what he likes, within reason.
Sensibly, he should value your opinion, as loving spouse and main income provider.

Lateral thinking brings me an idea, which I think combines both your motivations/ concerns.
Have him open a personal share ISA. He can have one where he decides what shares to buy. He can buy and sell within the ISA, so he can pretend to be a 'Player' that will boost his ego. For the last decade or more, dividends been more than ten times as much as money sitting in the bank, and of course tax free.
You can share his enthusiasm, and look suitably impressed at his research.
Ideally, don't chop and change the shares too often, or the fees will take all the income.
You could of course have your own share ISA, max 20k per year and be competitive, but I have the impression that may not go down well, and dilute his independence.

I spoke to someone who is totally savvy in bitcoin and has lost but also made money at different times

they said to me only put in what you are prepared to lose, in your case I would say £500 max

Tricky one really it should be shared… if you were to divorce it would be split.

However, maybe as you are the bread winner he never feels he can invest, save or spend as he would wish. He may always feel its your money??

Whatever though I wouldn’t touch bitcoin!

I know someone whose made a fortune on bitcoin but she’s clever

I wouldn't right now, just my opinion. I am down a few quid at the moment having started buying higher, There is a consensus that the current price could fall yet by as much as 40 percent so be careful. If you end up meeting half-way, then perhaps staged purchases., so only a little now, with potential purchases at much lower levels. The person I have followed for many years who has been so right in the past suggests long term great success with bitcoin but doesn't reckon the current fall has ended. Be careful, it's easy to start with a losing position.

Is his name Gerald Cotten ?😉

OP, Netflix has a documentary called Trust No One: The Hunt for the Crypto King that you & he might want to watch. There's also a good CBC podcast about him called A Death in Cryptoland. I learned quite a bit about how cryptocurrency works and about the lack of regulation that makes it a fertile scam ground.