Topic: So when do you "actually" plan to cash in your bitcoin? > or <$1,000,000 - page 5. (Read 2415 times)

There are lots of 'experts' on previous related threads having the same thoughts like this, "you should not cash out your btc yet, wait for it until it reaches an expensive price or you will lose the chance to earn big". I ask them when they are planning to sell their BTC and answer me with a price. Yeah right.. But when I ask them "what if you sold your BTC but then its price got even higher just a day after?", they cannot answer me. My point is, bitcoin price is very volatile. You never know what will happen so for me, I'd rather lose the "chance to earn big" rather than actually losing my investment. Here's what I do. I always cash out a part of my earnings, whatever the price is and the other portion is kept still as BTC. So whatever happens, I won't lose everything.

you totally missunderstand the purpose of bitcoin. You are not supposed to "cash in". Bitcoin is a store of value, which means you put your money there for as long as you dont need them. When you need them, you cash in.

Dont gamble with bitcoin as that is not the purpose

I think realistically $20k is achievable and a point where I would cash out.

Thank you, this is a strategy experienced traders use that pay attention to news and the cryptospace environment. That is the idea but its still speculation, you could sell and the price could shoot up further. e.g the second wave of news claiming china would target bitcoin transactions by blocking ip addresses etc people would have thought that would have dropped the price further but it seems the price is stagnant meaning either the news hasn't propagated as much as it could have as people didn't differentiate btw the headlines and the previous exchanges banning headlines or some counter balancing measure like the effect of news from japan or who knows. Its still speculation however I guess its better to sell with catastrophic news, wait to see if it drops, then you can make a profit by buying back in at a lower price or if it gains at least you can sleep easy and you didn't loose nothing but the slight gains you would have achieved if you didnt sell as you will still have the amount its worth in fiat than doing nothing an it drops and you can only watch your value evaporate. Unfortunately those catastrophic guaranteed nosedive pieces of news are few and far between and does not provide a sustainable method to earn frequently. Any thoughts? so do you agree that; buy, wait for really bad news, sell and wait, while prices drop and then buy back in low, is a good strategy or has anyone got any others.

You are right there, they would have sold before it hits $1m, but I believe most people do not have any plan apart from buying, sitting and waiting and will end up cashing out impromptu due to some urgent financial commitment and not due to taking advantage of the market. I don't think people are taking the time to clearly define a strategy with of course time as a factor.  However in response to the other point, no matter the price of bitcoin users can invest with any budget as buying a whole bitcoin is not necessary. The idea watching the %age of bitcoins price increase in relation to your stake that matters e.g. if bitcoin price was $40k I could still buy $1000 worth and if bitcoin price doubled id still have doubled my stake to $2000.

But I wonder if people have actually thought about their strategy or are just generally waiting for bitcoin price to rise. I guess its probably the simplest and safest, but wt are your thought on strategy.

Waiting is also a good idea but i prefer moving and trading my bitcoin while ill wait for another dump.

it is the risk management plan. you invest something and then speculate the price will go to 1 million dollar and then you wait until then. but nothing is stopping you from selling when price is lower. it may actually be a good idea to sell something when price reaches new ATH.

of course a better course of action is to buy in the dips and sell on tops and then buy back in the next dip. for example when price reached the ATH of $4900 you could have sold some small portion of your stash and wait a while till price bottoms out then buy back the same portion you sold and keep the profit in fiat for yourself. although some people keep their profit in bitcoin meaning they buy even more bitcoin after the dip. you sell 10BTC and buy back 14BTC

very much so. even allowing for 21 million BTC, at 1 million each, gives a theoretical 21,000,000,000,000 forget total world money supply, that's about equal to the current US debt

If it ever reaches that high, you would expect it to be a dollar that's worth far less than the current day one.

If it were at current day rates, there would be more money in circulation, than there is nowadays total. And that would be counting just btc, which I would expect to exist among many other coins.

Am I wrong?

I'm slowly cashing out small parts of my bitcoin and altcoin holdings as the price is rising. This way, I make sure to lock in some profit while also allowing me to profit if the price makes huge jumps.

I wouldn't set a fixed price in stone, especially something like 1,000,000 USD as this is not likely to happen anytime soon. And if it happens, soon then there is probably something else going on that makes the USD worth a lot less then it is now.

There are three options when I am giong to cash out:
If I am in desperate need of money and everything else I had is gone already.
If the amount of total bitcoins I have passes the one million dollar.
By January first 2035. That date is not absolute, but I am planning to start my retirement there.

I'm planning to hold for a decade maybe and observe what happens. If bitcoin were to hit 1,000,000$ a piece I will certainly consult an accountant and maybe even a lawyer in order for me to make the best and legal decision.

Probably I will cash my bitcoins when it reaches the 1m usd mark. Wow it is so amazing to think of that the thing you are supporting reached the 1 million mark. And you will have a lot of money by that. But I will tell you it will be  along game. The waiting game. It is a long waiting game to go. Probably we will reach the 1m mark probably after many years.

As I will keep earning bitcoins during the process, what I plan to do is to spend part of my earnings and keep accumulating. That way I can grow my investment in bitcoins, no matter the price highs and lows, and also spend them so I can enjoy some of my earnings. That way I won’t be too worried about the price. Obviously, if there is a deep dip, I may not spend anything until price recovers a bit.

This makes sense, there will be a lot of people in a position
to sell their bitcoin well in advance of $1m but probably not.
In a position go get back in.

Buying into bitcoin at 4k is one thing but buying in at 40k is
anothernand will be totally unrealistic for the majority of users
even on bct.

I plan to sell bitcoin when i am already in need of money. $1M is a very huge amount but before bitcoin would price the high it would took years around 20-50 years time i guess or more than I maybe dead that time so before i die i will encash everything.

I can tell you a lot of people will have sold their bitcoins long before $1 000 000 was reached. They will start selling at $10 000/bitcoin and only the super rich will be buying and selling these bitcoins. People have these fantasies of Bitcoin being valued at $1 000 000, but by that time most of them will not even own bitcoins anymore.

If you link "time" to this statement and you say bitcoin will be valued at $1 000 000 by the year 2090, then this might be worth shit. ^smile^  

i don't understand the word "cash out" in this context
if bitcoin is worth $1,000,000 that means the adoption is so big that almost everyone is using bitcoin. and you do realize that bitcoin is a currency right? in which case it doesn't really make sense to "cash out", you just spend the coins that you have been hoarding! for example you want to buy groceries, great buy them with bitcoin that is now stable and above $1 million and enjoy your profit.

I planning to sell bitcoin once it reach 10000$ if it happens by end of this year because I have to get some things and settle down some of my needs by end of the year.

When bitcoin will reach 1M$ you wont have to cash it out.
It will be the standard in almost all of the online and offline payments.
It will be more accepted than USD worldwide so there will be no point in cashing out of it, You will simply use it.