That is cool, taxes are a very important subject, imho, and I use a tax professional, paid 6 figures in taxes in 2021... And do not change bitcoin to a security when it is a commodity under CFTC jurisdiction and property on the US tax code. Bitcoin (spot) ETF's are a security There were changes to bitcoin 1031 exchange properties with other cryptos in 2018... I think there's tax implications on your scenario but I am not giving tax "advice" I prefer for bitcoin to be a global reserve asset competing with all kinds of debt assets This will also make bitcoin a collateral asset to back any debts A global currency will make too many enemies and the world governments will not accept it as such since they do not control it
God damn, I wish I was you financially. I would HAPPILY pay 6 figures in taxes, because that means my gross income is 8 digits, at least. Yum!
I remember reading or watching not too long ago the argument that if a currency doesn't have a store of value component, then it will fail. People have to want to hold the currency in order for it to have any value. If the minute you receive a currency you want to get rid of it, then there is no need for that currency to exist. Gold was of course difficult to transact with, so gold backed fiat made total sense. But with bitcoin being so easy to transact with, going from store of wealth and global reserve asset to currency, used to transact, is super easy. The most you might have to do is go from cold storage to a hot wallet, or sell an ETF, and us the fiat for your transactions that month. So I just don't see how you can have a world reserve asset that doesn't also take over the role of a currency. The future I think really is bitcoin banks and multiple L2's and fedimints and things like this.
This is why I don't bother with the fundamentals, one analyst says crap while the other talks shit. We'll see where the price will actually trade when we get to April.
Latest funnymentals data suggest today's trading day will be a good one for bitcoin. Will bitcoin finally break $53k today and stay there?
Gawd, I hope so. We've been chopping around long enough. BTW, I forgot to post, but I've reversed my position back to long @ just under 51K on Friday for a slight gain.