Here’s how kids can buy and hold bitcoin

00:02 Everyone, let’s talk about what the best
00:03 way for kids to buy and hold Bitcoin is.
00:07 All right. So, uh, let’s let’s start
00:10 with if your kid is below the age of 13
00:12 and or they don’t have a phone, then
00:15 you’re just going to have to hold it for
00:16 them either in a spreadsheet where you
00:18 keep track of what they own and you just
00:20 keep up with it yourself or um that’s
00:23 basically it. Or, you know, somehow you
00:25 got to keep up with it because uh Cash
00:27 App will not allow a kid less than 13 to
00:29 have an account. And uh if they don’t
00:32 have a phone, you know, they don’t have
00:33 a phone.
00:34 uh less than 13 for my kids. Less than
00:36 13, I just track it on a spreadsheet. Uh
00:39 and they tell me when they’re buying or
00:40 selling Bitcoin and I just track it for
00:42 them and buy and sell my own Bitcoin in
00:44 corresponding amounts. Okay, that’s
00:46 below 13. Um my kids get smartphones at
00:49 13. So, um anyway, if your kids have a
00:52 smartphone like mine do when they turn
00:54 13, then they can get Cash App. Cash App
00:57 is the best way for kids to buy and sell
00:59 Bitcoin. the fees are kind of high, but
01:01 again, at at that age and for the amount
01:04 that they’re buying and selling, um,
01:06 what I do is I just offer to make the
01:08 kids whole on cash app fees out of my
01:10 own pocket. So that way, if they’re
01:12 buying 10 bucks or $100 of Bitcoin or
01:14 something like that, they’re not getting
01:15 eaten alive with fees because I offer to
01:18 subsidize the price of the fees because
01:20 they don’t have another good option. So
01:22 for my kids, once they turn 13, for
01:24 small amounts of money, uh, the limit on
01:26 Cash App is $400 per month. So, when my
01:29 kids are 13 and they’re just buying and
01:32 selling uh Bitcoin to buy stuff with a a
01:36 uh Cash App debit card, they basically
01:39 store they basically save their money in
01:40 Bitcoin and then sell it if they need to
01:42 go buy uh you know, whatever it is they
01:45 want to buy. Uh but anyway, you can do
01:47 that on Cash App up to $400 a month. As
01:49 your kids get older and have jobs, $400
01:52 a month no longer works because their
01:54 income is exceeding that or they just,
01:56 you know, their the nature of their
01:58 finances is it’s just, you know, gets
01:60 larger. All right, so as it gets larger,
02:02 you have two options. Uh, one, as soon
02:04 as the kid turns 18, wide open. They can
02:07 get a River account, they can get a
02:08 Coinbase account, wide open. But between
02:11 the ages of 13 and 18 once they are uh
02:14 you know the total amount of sort of
02:16 Bitcoin buying and selling or whatever
02:18 exceeds $400 a month. Uh you have two
02:22 options. One is for them to store their
02:24 Bitcoin on Bit Key. My favorite
02:26 long-term Bitcoin storage device. You
02:28 just buy them their own Bit Key device.
02:30 Uh so in my the case of my kids, they
02:32 all have a BitKey device and store
02:34 long-term storage Bitcoin on their
02:36 BitKey device. Um, and if you want, but
02:40 I should say if you want your kid to be
02:42 able to buy and sell large amounts on
02:44 their own without having to leverage you
02:47 to do it, then the best option is for
02:50 them to use a Robin Hood account. Well,
02:52 I’m not going to recommend this because
02:54 it’s using an account that they’re not
02:55 uh, you know, they’re using one of your
02:57 accounts. So, let me tell you what I do
02:59 and then you can form your own opinion
03:01 about what you do. I do is I let uh for
03:04 example, I’ve got one kid, one of my
03:06 four kids is in that donnut hole where
03:09 their transaction volume exceeds $400
03:11 per month, but they’re not yet 18. I’ve
03:14 got one kid who’s 18, so we’re good on
03:16 that front. I’ve got a kid who’s uh less
03:19 than 10. I manage with a spreadsheet.
03:21 I’ve got a kid who’s 13 who Cash App, he
03:24 doesn’t exceed yet the $400 buying or
03:26 selling limit per month on Cash App. So,
03:29 I’ve got one kid in the donut hole who’s
03:31 16, uh, who has too much, you know,
03:34 there’s too much Bitcoin movement for
03:36 Cash App to work because it’s limited to
03:38 $400 a month. Uh, so for him, like the
03:41 other kids, he’s got Bit Key. And so, if
03:44 he needs to buy or sell large amounts,
03:45 he can just send me the money on Cash
03:47 App and I buy the Bitcoin and send it to
03:50 his BitKey device. But if you want the
03:52 uh kid themselves to be able to buy or
03:54 sell large amounts, then they can use or
03:57 look again, let me frame it as what I
03:59 do. I just let my 16-year-old uh have
04:02 access to my uh Robin Hood account. So,
04:05 I’m logged into my Robin Hood account on
04:07 my phone. He’s lo he’s logged into my
04:09 Robin Hood on his Robin Hood account on
04:11 his phone and he can do whatever he
04:13 wants on there. uh because all the
04:15 assets on there which is Bitcoin that’s
04:17 the only thing on there is some Bitcoin
04:18 that he bought himself that he has not
04:20 yet moved to Bitkey um but he can so
04:23 that’s basically uh Robin Hood account
04:26 or something like that. The reason I
04:28 don’t say give your kid a River account
04:30 or Coinbase login is because in my case
04:33 I’m using my own River account and my
04:35 own Coinbase login. So I I don’t want
04:38 one of my kids having access to one of
04:40 to my River account or my Coinbase
04:42 account because those are actively used
04:45 accounts on a daily basis um versus my
04:48 Robin Hood account which is just an
04:49 account I have left over from the past.
04:51 So uh less than 10 years or less than 13
04:54 year old use a spreadsheet 13 to 18 uh
04:57 use Cash App and if you need to buy
04:59 larger amounts the kid can cash app to
05:02 you. You can buy it for them and send it
05:03 to their Bitkey device and vice versa.
05:06 And if you need your kid to h actually
05:09 have an actual trading account where
05:11 they can buy and sell and hold and
05:13 whatever else and you know if they think
05:15 they can do day trading, it’s helpful
05:16 for them to get that out of their system
05:18 when the stakes are low. They will lose
05:20 money. They will lose their shirt. But
05:21 if the stakes are low, better for them
05:23 to get that out of their system when the
05:25 stakes are low than for them to grow up
05:27 believing that they can day trade
05:28 anything because they will lose. They
05:30 will always lose day trading. Um,
05:32 everyone loses day trading. Uh but it’s
05:35 helpful when a lot of kids especially
05:36 males seem to be born with an inherent
05:39 belief that they know how to day trade.
05:41 Um so anyway, those are the options. Uh
05:43 you catch and then Robin Hood if you
05:45 need sort of a high velocity buy and
05:47 sell account that links to Bitkey. Uh
05:50 but again Robin Hood you can’t have a
05:52 kids account. So they got to be logged
05:53 in with your credentials and it’s got to
05:55 be a Robin Hood account you’re not using
05:56 for other things. Um but Bit Key is the
05:59 magic solution. I would get get every
06:01 one of your kids a bit key, link it up
06:03 to their phone. That is their long-term
06:05 Bitcoin savings and storage. And it’s
06:08 brilliant. Works for adults, works for
06:09 kids. Brilliant solution. Get a bit key.
06:12 That is absolutely the right answer. And
06:14 uh let me know if you need anything. I’m
06:16 always here to help. Thanks.