Quote from: zasad@ on September 29, 2023, 11:40:37 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?

A hypothetical example:

You were fortunate to purchase five thousand Bitcoin, when it was only pennies a coin, and it's now worth a whopping $130,000,000. This is now sitting in cold storage in your digital wallet, and you want to cash out 100 million usd.

1) Are 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?

2) 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??

3) What would happen if you suddenly sent a hundred million dollars to several banks/financial institutions? Would the IRS be immediately notified? Would your accounts get frozen? How do you avoid this?

No snarky answers, please. The above are only hypothetical examples. I don't own 5000 Bitcoin. Not even remotely close.

If you don't have that many bitcoins, then why ask such questions?
Why immediately legalize 100,000,000?
There are many jurisdictions in the world where you can legalize bitcoins and earn small taxes, but this will be done in stages so as not to attract the attention of the tax authorities. But sometimes it is better to resolve the issue of citizenship and tax residence first.

I have sizable positions of other cryptocurrencies, such as Ethereum and XRP, so the same principle applies to them.