As its use and popularity has grown over the past decade, there has been lots of talk in recent years about whether cryptocurrency is a good idea for retirement savings. I’ve even touched upon it a little bit in past blog posts. However, I’m here to remind you that cryptocurrency is a very poor retirement investment idea. Aside from the volatility in cryptocurrency–where apparently one tweet can cause a massive valuation swing–there is also the risk of theft. As you know, cryptocurrency doesn’t exist like paper money. There are no physical crypto coins or brick-and-mortar banks holding cryptocurrency. The risk of hacking and theft are very real and have happened on occasion, which millions of dollars worth of cryptocurrency being stolen during such thefts. Keep in mind too, the government can’t ensure cryptocurrency like they do with an actual bank account. So if your crypto account gets hacked, you won’t be able to get some of it back. Furthermore, there is nothing backing cryptocurrency, which means it is open to volatile swings that can be quite wild at times. This also means that it is harder to regulate and set policies designed to prevent wild valuation swings. And lastly, one thing many don’t realize with cryptocurrency is the environmental cost of it. It takes massive amounts of energy and specialized equipment that makes mining for new cryptocurrency very costly. In short, there are many good reasons as to why you shouldn’t put your retirement savings into cryptocurrency. Now, I’m not against you investing some money in cryptocurrency, especially after you’ve done your research and have some extra money to do so. However, I am against putting a large amount of your nest egg or retirement funds into cryptocurrency. If you have questions about your retirement savings or where to put your money, you should speak with a certified financial planner or wealth manager.