Bitcoin Millionaire. Reality Bytes! Paper Profit vs Cold Hard Cash!

Ah...but the catch is to BE a bitcoin millionaire you will have to GASP! Spend your BTC! (the horror!)

The other consideration is if you are going to convert your new millionaire status into $$$...you have to pay the tax man! (Ack!)

So you really need to be a bitcoin millionaire, in my case with state/local taxes/IRS if you have enough to cash out 1 million dollars. In my case with taxes.

I'd need 2 million dollars of BTC now, to cash out and get 1 million dollars USD (ie fiat) ...a bit less if I kept it more than a year and 1 day...but somewhere between 40% and 50% tax loss.

NOW if you just want to sit on your BTC and say you are a paper profit millionaire ..sure...but to get a nice apartment, be a 'sponsor' at the local exotic dancers union, etc and such....well,

the tax man cometh! Then if you have a wife/kids/in-laws/ and all the 'unknown' friends/family etc to spread the moola around...well, better to leave it in BTC and call yourself

a BTC millionaire....rather than the problems of being one! IMHO:)

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Topic: Bitcoin Millionaire. Reality Bytes! Paper Profit vs Cold Hard Cash! (Read 159 times)