Happy Monday! Even though bitcoin’s price is 25% lower than it was a few days ago, it remains in a parabolic uptrend that’s on pace to hit $100,000 by mid-February. Look at the blue line, a projection of bitcoin’s price based on the past three months’ rise:
Thanks Mark. I have accounts with Crypto.com (where I do almost all my crypto business) and BlockFi..... and the interest I make between these to platforms is wonderful. If we have to sell, the hard part will be loosing 20 -25% to the greedy Uncle. I'm assuming that is figured into the formula for selling so that there is still a significant gain to minimize the loss.
I bought my BTC over a year + ago during significant dips, so am fairly confident I will do okay if I must surrender my BTC - but still! I realize however, that if I can buy back even more BTC when everything settles, that will all be just fine. I agree with you that something has to correct fairly soon, it's almost a law of nature so to speak.
I can't really advise on this, it varies from person to person and place to place. Long-term vs short-term, etc. I can only offer my analysis of the market and my plan. Sorry.
Uncle Sam will get you whenever you do anything with your bitcoin. Find a good financial advisor - I can help you with that, too. We have a plan that uses tax-advantaged savings through my wife and my employer plus some fancy wealth-management tactics to move income and gains around my portfolio to minimize the tax impact both now and over time. We have a few other strategies we can use depending on when and how much the crypto will sell for. And also a plan if we never have to sell any crypto, just everything goes up and down in a healthy (but volatile) way for years.
Mark, thanks for all your research and diligent deliveries of what I consider a solid plan. I am interested in knowing, if you can disclose, when/if we need to sell at the market cycle peak, what is the best way to move that value? USDCoin, ETH etc.? I certainly do not want to go back to US fiat currency of course but want to get my thought process in order so that if that day comes I am swiftly ready to move with confidence in the right direction.
That's a tough one and TBH I haven't explored. Didn't think we'd even have to talk about cycle peak yet, and still premature to really put pen to paper. I'd hoped we'd have more ways to spend crypto directly by now. Uphold and Fold, for example, give rewards for spending crypto. So instead of paying exchange and Tx fees, we GET PAID for using our crypto to buy things. But these services are still limited. Bakkt will have this soon and others working on the same type of services, but not yet. And yes we have to pay taxes regardless, can't hide from Uncle Sam. I'll start looking at that soon, let's not get ahead of ourselves. Will you send your ideas my way?
Definitely prefer USDC or USDT instead of cashing out. Maybe drop it into my Celsius, BlockFi, Ledn, and Crypto.com wallets for high interest returns while I wait for the dust to settle. I would also super-charge my tax deductions, e.g., tax-advantaged savings and other bright ideas my financial advisor has.
Happy to offer referrals for the high interest savings platforms and my financial advisor, just ask if :-)
Transfering to USDC may not trigger a tax event, since it's not a US dollar per se, right? It's like exchanging from BTC to ETH or any other crypto for that matter.
Also curious about taking out credit against your crypto, and never selling. That's what Michael Saylor advises, and the guy knows his s**t.
He's so deep now, and he's been so successful predicting the future, that simply not worth it not considering his advice.
Sadly, exchange of any crypto in US is taxable event, whether swapping for coffee or USDC or a horse. What are the rules in your country?
Yes, he's right - always better to draw credit against an appreciating asset until the lender raises interest rates. Including bitcoin. The problem is, when it falls, you're screwed, the lenders call in your credit or seize your collateral. Tread lightly. I love using credit to buy assets, it's the secret rich people have used for ages to build wealth, as long as you know what you're doing. Most people don't.
Thanks Mark. I have accounts with Crypto.com (where I do almost all my crypto business) and BlockFi..... and the interest I make between these to platforms is wonderful. If we have to sell, the hard part will be loosing 20 -25% to the greedy Uncle. I'm assuming that is figured into the formula for selling so that there is still a significant gain to minimize the loss.
I bought my BTC over a year + ago during significant dips, so am fairly confident I will do okay if I must surrender my BTC - but still! I realize however, that if I can buy back even more BTC when everything settles, that will all be just fine. I agree with you that something has to correct fairly soon, it's almost a law of nature so to speak.
I know, I know, death and taxes.
I can't really advise on this, it varies from person to person and place to place. Long-term vs short-term, etc. I can only offer my analysis of the market and my plan. Sorry.
Uncle Sam will get you whenever you do anything with your bitcoin. Find a good financial advisor - I can help you with that, too. We have a plan that uses tax-advantaged savings through my wife and my employer plus some fancy wealth-management tactics to move income and gains around my portfolio to minimize the tax impact both now and over time. We have a few other strategies we can use depending on when and how much the crypto will sell for. And also a plan if we never have to sell any crypto, just everything goes up and down in a healthy (but volatile) way for years.
Mark, thanks for all your research and diligent deliveries of what I consider a solid plan. I am interested in knowing, if you can disclose, when/if we need to sell at the market cycle peak, what is the best way to move that value? USDCoin, ETH etc.? I certainly do not want to go back to US fiat currency of course but want to get my thought process in order so that if that day comes I am swiftly ready to move with confidence in the right direction.
Thanks, Chris
That's a tough one and TBH I haven't explored. Didn't think we'd even have to talk about cycle peak yet, and still premature to really put pen to paper. I'd hoped we'd have more ways to spend crypto directly by now. Uphold and Fold, for example, give rewards for spending crypto. So instead of paying exchange and Tx fees, we GET PAID for using our crypto to buy things. But these services are still limited. Bakkt will have this soon and others working on the same type of services, but not yet. And yes we have to pay taxes regardless, can't hide from Uncle Sam. I'll start looking at that soon, let's not get ahead of ourselves. Will you send your ideas my way?
Definitely prefer USDC or USDT instead of cashing out. Maybe drop it into my Celsius, BlockFi, Ledn, and Crypto.com wallets for high interest returns while I wait for the dust to settle. I would also super-charge my tax deductions, e.g., tax-advantaged savings and other bright ideas my financial advisor has.
Happy to offer referrals for the high interest savings platforms and my financial advisor, just ask if :-)
Transfering to USDC may not trigger a tax event, since it's not a US dollar per se, right? It's like exchanging from BTC to ETH or any other crypto for that matter.
Also curious about taking out credit against your crypto, and never selling. That's what Michael Saylor advises, and the guy knows his s**t.
He's so deep now, and he's been so successful predicting the future, that simply not worth it not considering his advice.
Sadly, exchange of any crypto in US is taxable event, whether swapping for coffee or USDC or a horse. What are the rules in your country?
Yes, he's right - always better to draw credit against an appreciating asset until the lender raises interest rates. Including bitcoin. The problem is, when it falls, you're screwed, the lenders call in your credit or seize your collateral. Tread lightly. I love using credit to buy assets, it's the secret rich people have used for ages to build wealth, as long as you know what you're doing. Most people don't.