I think that you don't get the idea: instead of selling bitcoin and PAYING up to 50% in taxes, you get cash that you need now. Then, for example 3 years later (of course you borrow somewhere close to the peak price) when bitcoin is at ATH, you can use a FRACTION of bitcoin that you borrowed against to close your loan. Taking a loan would be having the necessary chunk of cash now, but effectively selling bitcoin at a price of 3 years LATER.
Point granted.
But I want to be my own bank.
At LTV of 25% the interest is 1%. You can't get a loan like this when you buy a house, at least in US.
I don’t want a loan, thank you very much. My keys - my
BTC.
I am not planning to either sell or take a loan at the moment, but this "method" surely beats selling and paying a HUGE amounts of tax.
All rich do this.
Sorry, I’m not “all rich”, I’m the new kind of rich.
How do you think Musk had billions to invest in Space X (he borrowed heavily against Tesla stock to the tune of billions)?
By shilling for shitcoins?
Musk is a verified attack vector on
BTC.
TL;DR Want to pay lotta tax, sell; don't want to pay tax (lawfully), take a loan.
You don’t have to, if you don’t want to. Lawfully, in another country. Oh Pandora!
EDIT: you can also use a part of the loan to reinvest in bitcoin options, if you are super bullish or bearish and leverage your position.
I guess you missed my haiku.
When most
BTC is owned by banks or custody's - giving in return whatever - it will have the same fate as gold. Heavily suppressed.
Let’s not do that, shall we?
BTC stands for power to the people.
Below is a post of mine that was deleted in another thread for being "off-topic," so I am reposting it here... because it would not be off-topic in these here parts.. and I believe it is an important point in regards to what some members might consider to be influencing (or threats to) bitcoin's current UPpity price pressures.
Nice one J. #nofomo