Quote from: nelson4lov on March 10, 2024, 10:01:47 PM

Quote from: worldtraveller321 on March 10, 2024, 08:31:08 PM

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

It depends — if the debt does not need to be paid immediately or anytime soon, you might want to hold off a bit because right now, ETH prices are going off because of a potential ETH ETF approval. So if you sell now, you might end up losing out on some potential gains. On the other hand, if you need to pay off the debt as soon as possible, then by all means, you should do so.

If you're familiar with defi, I think there are some markets that you can provide ETH collateral and take out stables to pay off your debt. This way, you still have your ETH but have to deal with the borrow interest enforced by money markets like aave, etc.

Entering bull run is not a good time to sale a top altcoin that is sure to bull in this season, Ethereum, price has been quite dormant before now, but it has started appreciating and has the potential to double it's present price if it's ETF is approved. However peace of mind is very important, having a dept that is mounting pressure on you and you have a means to settle it, then let the person do it, but he should consider if it's possible to postpone the repayment a little while longer, or take another loan with a lesser interest rate to settle the dept. The aim of this is that the longer the Ethereum, remains with him, the better, because it'll keep pumping in the bull run, but if there's no other choice for him, then let him sale and gradually start to accumulate again.