I’m sure everybody loves paying taxes, but I am no expert but say with this current drop In price if I moved bitcoin outside of the US and to an El Salvador wallet, would that be saving on the future sale of bitcoin or what would that look like for capital gains?
I’m asking for a friend, I already lost all my bitcoin in a boating accident.
I think he means if it would be beneficial to move his bitcoins in a local wallet of El Salvador which would decrease the risk of it being banned etc..
Well I do think that you won't have to particularly go that far since right now in US there is low threat for bitcoins being banned and even if there was a probelm then usually the government gives people a certain amount of time and then you can for sure do something like that. If you are going for a long term holding them why not buy something like ledger ? This would mean you would not have to move it here and there and it would still be with you but since you said that you lost all your bitcoins in a boating accident then I assume your friend would be more careful with carrying it. Better buy a safe in a good bank and keep it locked until you need to use it.