The bitcoin millionaires when will they cash out?

[WhoBeDaPlaya]

Man, what nostalgia. Was doing some spring cleaning, and found my Mt Gox Yubikey!

 

[[DHT]Osiris]

That's the thing too even if you have a million in crypto I doubt it's easy to get it in liquid. Not to mention the tax aspects. You have 1 mil in crypto, you might be left with a couple hundred grand after taxes if you do it legally. Assuming it's even taxable, there does not seem to be clear info on this yet. In this situation you pretty much need to involve a financial adviser and CPA to make sure you do it legally.

Best bet is to cash in a bit at a time. Do like 8-9k every couple weeks. But even then I would involve a CPA. Better to be legal than to hope you're not breaking some kind of law and get caught later.

A couple hundred grand in taxes off a multi-million dollar BTC sale is a problem I wouldn't mind having. And I'd rather just dump it all than trickle out and risk losing it to market fluctuations.

 

[Hugo Drax]

I guess the lives of those Bitcoin millionaires living in in thier parents basement wont be changing much when the bottom falls and it goes back to zero. Looks like the bottom is falling.

Like the proud parents of this Millionaire. The media is to blame perpetuating this false narrative and not being honest about it and reporting it as “Paper Millionaires” who have no tangible assets or real dollars. It is all a bunch of numbers on a screen. That would be like calling someone with a Million dollars in monopoly money, millionaires.

Until you cash it into fungible US dollars, you have squat.

https://www.cnbc.com/2017/06/20/bit...nman-says-going-to-college-isnt-worth-it.html

Erik Finman made a bet with his parents that if he turned 18 and was a millionaire, they wouldn't force him to go to college. Thanks to his savvy investments in bitcoin and the current all-time high valuation, he won't have to get his degree.

"I can proudly say I made it, and I'm not going to college," Finman said.

 

[Hugo Drax]

I'm no "Bitcoin millionare" (that I know of), but I am doing some mining on the side using GPUs and NiceHash. I'm using 13 GPUs and 7 PCs. I make maybe $16-18 / day, after fees, before electricity and before taxes. I don't think that this is nearly retirement money. But $5K / yr extra (in theory - it seems that I'm not even at the end of Jan., and I've had to spool up more hardware just to maintain revenue), on top of my $15K / yr disability check, is like 25% extra income. Granted, the disability isn't taxed.

The thing is there are people who have according to the media millions in bitcoin. So if you had started this years ago and you had lets say 10 million in bitcoin would you liquidate to cash as quickly as you can or hold on to it and just liquidate 5-10k?

I have not see on the news any reports of someone actually liquidating into the millions the actual bitcoins they own and actually buying a house etc..

 

[Red Squirrel]

IMO you arn't a millionaire until you cash out. Same with people who have lot of stocks etc. You may have millions worth in stocks but you arn't a millionaire if you don't cash out. Things can change overnight.

 

[pete6032]

The thing is there are people who have according to the media millions in bitcoin. So if you had started this years ago and you had lets say 10 million in bitcoin would you liquidate to cash as quickly as you can or hold on to it and just liquidate 5-10k?

I have not see on the news any reports of someone actually liquidating into the millions the actual bitcoins they own and actually buying a house etc..

There are a bunch of threads on reddit CryptoCurrency where people post pictures of what they bought after cashing out. Not sure any are in the millions.

https://www.reddit.com/r/CryptoCurr...ot_a_moonlambo_but_thank_you_rcryptocurrency/

https://www.reddit.com/r/CryptoCurrency/comments/78r1sq/spotted_this_tesla_in_stockholm/

 

[FelixDeCat]

IMO you arn't a millionaire until you cash out. Same with people who have lot of stocks etc. You may have millions worth in stocks but you arn't a millionaire if you don't cash out. Things can change overnight.

Exactly.

 

[skull]

There are a bunch of threads on reddit CryptoCurrency where people post pictures of what they bought after cashing out. Not sure any are in the millions.

https://www.reddit.com/r/CryptoCurr...ot_a_moonlambo_but_thank_you_rcryptocurrency/

https://www.reddit.com/r/CryptoCurrency/comments/78r1sq/spotted_this_tesla_in_stockholm/

One guy in the first thread goes, your cashing out to buy a car? I'm selling my car to buy more crypto. People think hes joking and he goes no really we sold our second car this way we go from sinking money into insurance into an investment.

This isn't going to end well for a lot of people. Including the OP in that thread, sounds like he spent every penny on that car and didn't leave any for the tax man.