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.