Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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Thanks a lot!
Yes, in Germany the gains out of crypto are tax free after one year of holding. The issue I am afraid of is that I’ve bought them all over the place. Mt Gox. BTC-E. Two exchanges that do not exist anymore. And then some from Bitstamp. Some from Bitcoin.de. Another issue is, if they wanna see proof of where I got the money from back then to buy the Bitcoin. It was savings. How to prove savings. I’m just too paranoid of the German tax office. Technically I didn’t live in Germany since 2020 but I still pay my taxes there for my business income.
Gold is at an ATH, not sure how clever it is to buy that right now. Holding fiat as paper money is something I didn’t think of and I didn’t want to as well if it’s 6 digits. That’s not practical to travel with.
I guess best option is to cash out like 100k into my German bank account and see what happens. But the problem is the USD is too weak right now. Just few months ago 110k usd was like 106k Euros. Now $118k is 102k Euros. Would be perfect if the usd gets stronger the more we near the bull peak 😆
Thanks a lot!
Yes, in Germany the gains out of crypto are tax free after one year of holding. The issue I am afraid of is that I’ve bought them all over the place. Mt Gox. BTC-E. Two exchanges that do not exist anymore. And then some from Bitstamp. Some from Bitcoin.de. Another issue is, if they wanna see proof of where I got the money from back then to buy the Bitcoin. It was savings. How to prove savings. I’m just too paranoid of the German tax office. Technically I didn’t live in Germany since 2020 but I still pay my taxes there for my business income.
Gold is at an ATH, not sure how clever it is to buy that right now. Holding fiat as paper money is something I didn’t think of and I didn’t want to as well if it’s 6 digits. That’s not practical to travel with.
I guess best option is to cash out like 100k into my German bank account and see what happens. But the problem is the USD is too weak right now. Just few months ago 110k usd was like 106k Euros. Now $118k is 102k Euros. Would be perfect if the usd gets stronger the more we near the bull peak 😆
Even if you don't have proof when it comes to CEXs, maybe you can get printouts of transactions from banks - although I don't know how long they keep them. That would be proof that you bought Bitcoin then. The truth is that it would not be very practical to travel with EUR 100k in your bag, maybe if you had a hundred 1000 Swiss franc bills it would be easier
Yes, maybe the best option is for the money to go to your bank account, but take into account where you will sell - because every CEX will probably cause you problems if you want to sell 1 BTC in such a way that they can ask you to prove the origin of those coins.
Whatever you do, I hope you won't have any problems - and maybe there will be some other ideas that can help you.
Also I like the option to hold it in stable coins and buy back if we get a bear market and go down to 5 digits again. I have no idea about investing. Of course it would be great to have fiat invested and get 5-7% on it annually. I could easily live off of that. But paying tax is theft and I don’t wanna feed the government.
Diversification into some kind of basket-of-stocks fund is likely a good way to go. Bear in mind that you likely may be disappointed on the returns compared to your majority holding so make sure you're fully engaged with it as a plan. I've seen people make too many panic moves because they are reactive rather than proactive.
I also concur with philipma to take multiple bites. Unless it turns out there's a specific reason not to.
Yes, I sold 0.1 BTC yesterday and plan to do so for the next 9 weeks. 0.1 per week. I hope that keeps me under the radar. I used Binance for many years to sell. But still will play it safe and do 0.1 per week. Funnily enough sold yesterday at 118k and woke up this morning to 122k lol. At 0.1 BTC it was only $400 but still.
I know I will regret it in the future for selling 10%. But especially the last few years I had multiple nightmares seeing bitcoin crashing to zero within minutes. Seems like it’s already deep down in the subconscious mind lol
I'm in a similar situation and i plan to do exactly the same, but spread over different CEX'es.
Can't tell more details about the plan. We also have slightly different taxation laws.
Also try to send amounts below 1k per SEPA transaction (per day), if you wish to take some bucks off the CEX.
The idea with the croatian (IIRC) sub €1k unregistered buy/sell is also nice. It's a longer car ride, and the amount of cash to cross the borders legally is limited, but it's fair and if you'd spend a week or so on holidays there, you'd return with decently filled pockets.