Purchase of cryptocurrency in a DRO order

JamesC90

Hi I was made insolvent a couple of months ago, can I make a long term
investment of £250 into cryptocurrency to withdraw after my dro has ended? Thanks

fatbelly

Your £250 is an asset and it won't affect your DRO while your total assets are worth less than £1000.
It doesn't  cease to be an asset just because it's invested - it's the value of the asset that counts
Between £1000 and £1990 they would have to make a decision.
Once the moratorium is over, you're fine.
Here's Martin's take on it

https://www.moneysavingexpert.com/news/2021/01/martin-lewis-answers-whether-you-should-buy-bitcoin/

Personally I wouldn't have thought a DRO moratorium was a good time to be in a highly volatile speculative investment.

brettcta

Gambling seems like an unusual thing to want to be doing shortly after being made insolvent. 

JamesC90

Thanks for your comments and well I’m actually doing really well (cash wise) now my dro has ended 
so as long as my asset doesn’t inflate over £1000 I’m good?

sparklep0ny

JamesC90 said:

Thanks for your comments and well I’m actually doing really well (cash wise) now my dro has ended 
so as long as my asset doesn’t inflate over £1000 I’m good?

An hour ago you were in a DRO. Now it's ended.  Which is it?

JamesC90

Sorry I meant since I started the dro order..
ive had more money come in earnt in cash
hence wanting to invest

so I’ll throw £500 in to Bitcoin and withdraw after my dro has ended

lovely bubbly jubbly

Edi81

I don’t think you’ve read the earlier replies. 

JamesC90

I don’t care for your snobbery 

1977dave

So people come on here and give you advice and you call it snobbery because you don't like the advice you've been given

You're in a DRO, as insolvent and you're talking about investing money into cryptocurrency that may take you over your asset limit in the DRO which means it's revoked and you're back to square one.

Please don't think I'm judging as I've been in a DRO which ended 4 months ago, but if you've got £500 to be chucking about and talk of investing it in a volatile market, then I'd be questioning the decisions why

[Deleted User]

Buying bitcoin now seems a real gamble, it's already really high and it's optimistic that it will go up forever but it's your money

fatbelly

Have you understood the point that it's not relevant when you cash in your investment?

It's the value at the time that determines whether you are still within the criteria for a DRO.

So a DRO moratorium is not a good time to be in a speculative investment that will go up and down.

If £250 is all you've got you'd be best holding that as cash as an emergency fund until the DRO completes