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“We want our kids to be able to think independently about money,” Eddie Yoon said.
A Bloomberg contributor will pay his son Bitcoin in return for chores that are outside of his normal domain, but he seems to be unable to decide about the right method of payment.
Eddie Yoon stated in an opinion column today that he will reimburse his seventh grader 0.00055 Bitcoin (BTC) — about $23.50 at the time of publishing — for the boy’s assistance with competitive price benchmarking for a rental house. Yoon said that he gave his son Luke the option of “cash, candy, or Bitcoin” in exchange for the job, and that the deal was sealed with a handshake.
According to the Bloomberg contributor, the decision was made to give his children a say in their own financial decisions rather than to participate in any craze. He mentioned that he assisted Luke in purchasing Tesla stock in 2016, as well as his daughters in purchasing Apple and Alphabet stock.
“We’ve told our kids that we will fund any investment that we collectively agree on between now and the age of 25,” said Yoon. “We don’t plan to leave them an inheritance, so we want them to be equipped for a future in which their own investments give them financial security.”
Yoon went on to say that he is yet to determine which blockchain platforms enable minors to open accounts. While there are few, if any, regulations prohibiting children under the age of 18 from HOLDING or exchanging cryptocurrencies, many exchanges do need checking to insure that customers are of legal age. Adults can also offer minors crypto using paper wallets or Bitcoin ATMs.
“We don’t want our kids to necessarily beat the market. We want our kids to be able to think independently about money. We want them to manage their money, not let it manage them. We want them to find the right balance between ignorance and obsession with money.”
While many children — and adults — will not always be able to comprehend the market’s dynamics, some crypto enthusiasts have already taken the first steps in being more financially trained. Lily Knight, a three-year-old born during the 2017 bull race, satisfies these standards by educating others about cryptocurrency and blockchain on her YouTube page.
Mark Cuban, owner of the Dallas Mavericks, said in a tweet Saturday that he and his 11-year-old son Jake own 3,250 Dogecoin (DOGE) — around $1,556 at the time of release. Previously, Cuban said that he used the token for entertainment and financial education.
Tesla CEO Elon Musk’s son X A-Xii — pronounced “ex ash eh twelve” — who recently celebrated his first birthday, is one of the youngest famous crypto holders. Musk said that he bought some DOGE for the baby when he was nine months old, referring to him as a “toddler HODLer.”