What people aren't realizing is that if you do become a Millionaire in Bitcoin, the second you cash out you will have to pay a 40% capital gains tax, which will leave you with only $600k. Socialism FTW!
anyone who ends up with over a million or several million $ worth of btc could easily fly to switzerland or the emirates or china etc or wherever there is no or very little tax to be paid
trying to bring the cash back home would be stupid though so i would probably live in an alternative country than give up half my money for tax ..........
A million isn't really enough to do much these days. 5 million is probably barely enough if you live frugally* and you are single. If you have a family, you'll probably need 20M+.
*Frugally, in the context of being upper-class. No $1000 bottles of wine everyday, no caviar and truffles with wagyu everyday, no vacation villas around the world, etc.
Lol, everyone fly to India and live here. It is very cheap to live in India atm. I have chatted with many folks on gambling websites and other chat rooms for bitcoin / crypto and find that India is one of the cheapest places to live in. If i get $5m, i can retire peacefully and i need not live very frugally either!
. An amazing 3 BHK apartment in one of the posh neighbourhoods in Bangalore, India would cost me $150000, A luxury car like an Audi (in India Audi defines luxury) would cost me $60000. Food is cheap and yes, i am not talking about Indian food alone, Bangalore caters to the palate of the world. Travel is also fairly cheap cause petrol / diesel is much cheaper than in the US. Ofc, we have our share of poor folk, but if you live in that $150000 apartment, you will not see these folk on a daily basis.
