Right now the markets are rising in our favours. Too bad the worlds markets are in FIAT.
Right now i wish to pay off some credit card debts i have. All in FIAT of course and yes i know i will have to pay tax on the capital gains.
Would i be making an ok choice to sell off some ETH right now to CAD to pay some debt off. as where markets are im in the position.
just wondering on the tax i have to pay, would i be paying more tax then what i will be writing off in credit card debt? thanks
If your debt isn't due, then I will advice you to hold but just know that this is risk. It's a two way side thing but the upper is more likely to happen than the down side because Bull run hasn't happen yet, we are still in the phase of last run recovery. But if your debt is due and you feel disturb, kindly find a way and pay that loan and have peace of mind especially if there is interest rate that will come with it if you default your payment.
Capital gains are between +-30% at most of anything gain from the market. For every $100 you invested, you are likely to pay +-$30 to your government depending on where you from, so do you calculation if its going to favour you and the debt you have to pay.
A little suggestion, why not find an alternative to pay up the debt and free the 3.5 ETH, you should be financially capable to do that if you could raised this amount by yourself. This should be an investment.