Topic: If/when your BTC wallet increases 10x in value - page 2. (Read 3390 times)
Take your Bitcoins convert to money and invest in property and at 19yrs old I bet you got a lot of throw away rubbish you wanna buy. Be wise invest in property and receive some money monthly to play with.
And retirement at 19 ? Some young big lottery winners spent all millions in few years. I can imagine going back to regular life is very hard and frustrating for them
I've read somewhere that MOST of the big lottery winners go bankrupt eventually. For some people the huge money injection is the worst that could happen...
If/when your BTC wallet increases 10x in value I'd call it "imballance"!
If that's going happen then I will invest 99% of my money and assets in BTC..
10x is lot imo
Just like giving loans/
10x is lot imo
Just like giving loans/
It all depends on how many bitcoins I have when or if they increase tenfold. If I had say 100 I'd maybe cash out half and keep the rest. The worry is always what if they x10 again in the future.
Don't know if retirements but I would make a stable income of that so I wouldn't have to worry about money but I would still do something probably wont retire.
In my own opinion the best advise would to convert to USD and then seek professional assistance on how to invest it.
Cash out a percentage
Buy a few homes in high property value areas
Rent homes out
Profit
Commence Operation: Chillmode
Buy a few homes in high property value areas
Rent homes out
Profit
Commence Operation: Chillmode
Take the tax hit. Disclose and take it. Minimise but don't try to avoid it.
Unless you are certain that you can hide the trail forever, don't even try to evade.
Unless you are certain that you can hide the trail forever, don't even try to evade.
Do you go into retirement at 19 years old?
Depending on what your wallet is worth today, that wouldn't be a very smart move in the U.S.
How do you cash out?
Very carefully.
Do you take the capital gains hit, in exchange for USD so you can make tangible investments so you never have to work ever again?
Only on as much of it as I need.
Would IRS still rape you even if you tool the capital gains hit?
Of course.
I trade BTC as an investment only...and eventually wish to convert back to USD so I can diversify my portfolio.
You may regret that if bitcoin reaches widespread mainstream use.
Would IRS still rape you even if you tool the capital gains hit?
If it is serious amount of money, seek for professional advice how tax it.
And retirement at 19 ? Some young big lottery winners spent all millions in few years. I can imagine going back to regular life is very hard and frustrating for them
Do you go into retirement at 19 years old? How do you cash out? Do you take the capital gains hit, in exchange for USD so you can make tangible investments so you never have to work ever again? Would IRS still rape you even if you tool the capital gains hit?
I trade BTC as an investment only...and eventually wish to convert back to USD so I can diversify my portfolio. This is all hypothetical of course.
I trade BTC as an investment only...and eventually wish to convert back to USD so I can diversify my portfolio. This is all hypothetical of course.
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