Autism: Will Crypto Change my SSI Benefits?
Autism and Cryptocurrency
We are now living in a world where everything is going digital and that includes currency! The popularity of cryptocurrency continues to grow and many people with disabilities have shown an interest as to how this will affect them.
What is Cryptocurrency?
Cryptocurrency is a digital currency in the form of tokens or coins. Many online retailers have started to accept digital currency as a form of payment as an option to credit cards. These types of transactions use decentralized systems. Decentralization means that it does not interact with the treasury or any other banking institution.
That fact that cryptocurrency has no oversight is an important factor which attracts the general public into using cryptocurrency. Currently there are thousands of different types of cryptocurrency. The most common form of cryptocurrency is Bitcoin.
Cryptocurrency is here to stay and people with disabilities should get familiar with the terms that are commonly used in the crypto world.
Cryptocurrency flashcards are a great way to introduce the terms that are most commonly used. When used correctly, flash cards allow students to engage with the information in a way that makes it easier to retain. People with disabilities can benefit from learning these terms to become better acquainted with a digital system that is here to stay.
Does Cryptocurrency Affect SSI Benefits?
Since Social Security benefits compensation is based on your income, you might be concerned that trading cryptocurrency will cause your benefits to decrease. The Social Security Administration has not currently published any official documents that state the impact cryptocurrency will have on your benefits.
However, SSI is a needs based benefit on income and assets. Therefore, you could potentially lose benefits if your income or assets are valued over $2000 and potentially make you ineligible for benefits. Still others argue that cryptocurrency is not an asset at all but a “speculative asset” that consistently fluctuates at any given time.
In either case, cryptocurrency counts as a resource just like any other investment. The Social Security Administration currently views cryptocurrency as a foreign currency and requires you to report any changes in resources. You may want to discuss this directly with your counselor at the Social Security Office to get the appropriate information based on your current situation.