Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
philipma1957
on 17/07/2024, 02:46:54 UTC





I bet more of those funds leave Kraken as BTC than fiat.

And it will happen almost immediately.  Self custody lesson learned

I think a lot of what a person will do depends of how much btc they get.

I would think most people left  are more then five coins.

I would think Selling 10% and keeping 90% in coin will be common.

I am also not sure about tax rules.

If you had coins in feb 2014 they were worth 650 usd they are 100x at 65,000

having 5 coins means 3250 is now 325,000. I am not sure if you could be taxed in full at a cost basis of 3250

usa law at the moment would mean 20% or 60-65k in tax.

I dont have mount gox coins. so not a worry for me.

But if I did get five coins and thought I may owe 65k in tax. I am selling 100k of 325k and paying the 65k asap.

this would give me 35k cash and 225k in btc or 3.46 btc.

So I suspect savvy USA people are going to sell at least 20% and pay capital gains on the whole 5 coins.

But what do I know.