Food for thought…
So let’s just say you buy some crypto and thanks to the epic bull run, you’ve earned yourself some healthy profits.
Now you want to realise those profits so you can spend it in the real world.
Here comes the fun police….
If you sell that crypto, you’re up for capital gains tax, right? No fun tax man!
Here’s what you don’t know about the crypto world…
As the crypto world has evolved, we now have collateral backed loan services that allow you to use your crypto as collateral in exchange for USD that you can go and spend in the real world.
By using your crypto as collateral, you’re not selling it, which means you’re not paying tax on it HOWEVER you can still borrow against it (at a much lower interest rate than the banks quite often!) to realise your dreams AND once you pay that loan back, you get your crypto back!
So you get your dreams, you keep your crypto and you’re not paying tax as you haven’t technically sold.
Tell me again, why does anyone still use banks…?
This is why you have to become part of a community… because we’re stronger together and knowledge is power. Reach out if you want help getting started 🙏