I don’t have enough Bitcoin (yet) to borrow for anything significant, but this is my ultimate plan. When I get enough Bitcoin, I would borrow no more than half its worth (in case the price drops), and then I would still have Bitcoin along with whatever property I buy with the borrowed money.
This seems like a smarter move than to sell the Bitcoin for fiat money. If I sell, then I have to pay capital gains tax. When the cash is borrowed, there is no tax. Since I still have the Bitcoin, then I will gain when the price rises. If I only have fiat, the “price” will always go down because of inflation.
I hope Bitcoin will eventually replace the fiat system, but until then, the market for cash favors borrowers over savers. This seems like a win-win situation.
Does anyone else plan on doing this?
So according to what you said when you have Bitcoin you will borrow money for no more than half of the Bitcoin you have? Are you referring to a Bitcoin? You didn't say anything about the amount of bitcoin, you just said that when you have Bitcoin, do we know if you are only targeting half or 1 bitcoin. It's a bit like what you're saying is just confusing or just a little messy. But in my understanding, maybe it's better not to borrow money if you have 1 Bitcoin. It's like you injured yourself if your body is fine.
Also, there are many ways in this forum to earn bitcoin or even altcoins as long as you just research and ask questions here, there are even other members on this platform who lend here like @darkstar, Shasan and others as long as they will see that you have a source of funds to pay what you borrow.