Quote from: sokani on Today at 02:18:55 AM

Quote from: Crypto Bull on September 27, 2023, 10:41:02 PM

How would you go about cashing out very large sums of Bitcoin, or other cryptocurrency?

If I had $130,000,000 worth of assets seating in my wallet, I would not cash out all of it to fiat to avoid attracting unnecessary attention to myself. I would leave most of it in crypto and only convert 1% of it to fiat.

Quote from: Crypto Bull on September 27, 2023, 10:41:02 PM

Coinbase and Gemini your only convenient options? Will they be able to cash out such a large sum, and send the proceeds to your financial institutions without issues?

I think there's a limit to the amount of money your account can receive from exchange but this may vary in different countries. In Nigeria, the maximum amount you can receive in a day on Binance exchange is N18 Million and you must be an active trader.

Quote from: Crypto Bull on September 27, 2023, 10:41:02 PM

FDIC insurance only covers up to 250k per bank account. So, you would need more than four hundred accounts in order to cover all 100 million dollars. Is there a better way? Can you just send all 100 million directly to your Vanguard brokerage account? How do the ultra-wealthy do it?

You've said it yourself that according to FDIC insurance, an account can only hold $250k, so what do you think will happen when someone who's account balance is $3k, sudden receives $250k in four hundred different accounts? Your account would be frozen and you would be called upon by the authorites to explain the source of your wealth.