JulieFig nice post, welcome to the forums!
I've been reading for a while, but quite frankly, have been too intimidated by you big guns to post before. So thanks for the welcome - it is nice of you
. I think my Dad is in a pretty good situation - he has his 3000+ BTC which I know he would be tempted to cash out to get a nice tidy fiat sum. (Despite being a bitcoin believer, I think the lure of instantaneous gains is pretty strong.) But he physically can't touch it for another 8 years - it's all in his super account. I suspect he will be very thankful that the decision was out of this hands when the time comes to access it.
What's a super account?
The best equivalent I can think of is the 401k, but there are some differences. It is basically your retirement fund - can't touch it until you meet the minimum age.
would you mind explaining how your dad has BTC locked up in an account he can't touch for 8 years? I've never heard of anything like that.
And if it's true, then doesn't it mean he doesn't actually hold the BTC? Like holding the derivative of gold, it's nowhere near the same thing as holding physical.
And furthermore, no one knows what will happen in 8 years, in the next 7 years BTC could go to $100,000 per coin, but in the 8th year a newer version with an improvement could come out and over 6 months everyone moves into the newer coin, but your dad is stuck holding the older coin. Or any other of a million possible scenarios that could play out in 8 years. I would never want to have my coins locked up for 8 years.
So anyway, can you explain this setup he is in??
Thanks! Please give specifics, not just say "it's like an IRA"
I didn't even think any companies existed yet that were doing this.