Some investors may be wondering if cryptocurrencies have a place in their retirement savings.
“If your time horizon is 10 years, I think now is a fine time to buy it,” said Ivory Johnson, a CFP and founder of Delancey Wealth Management in Washington, D.C.
Investors should have a clear reason for buying crypto instead of being pulled in only because the price dropped, he said.
Before jumping in, people should be conscious of how much of their total portfolio is invested in cryptocurrencies and make sure the allocation matches their risk profile, Johnson said.
Before putting money into crypto, both experts stressed the importance of having a secure personal financial situation and clear investment plan.
“A 401 is a way a lot of people invest their money and it’s their first exposure or only knowledge when it comes to investing,” he said.