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Would you have invested that $$$ into crypto anyway?
Upside to selling in crypto is that you’d probably avoid commission fees on the crypto purchase. Downside is I would image it would take a bit of work to handle the closing and tax process.
Good points, sounds like you already put a good amount of thought into it.
Look forward to seeing the news article!
Hilariously bad idea. You should do it.
Pro
Most people with btc don’t want to sell
Do it!! To the 🌙
Bitcoin is at its all time high. Are you planning to sell or hold? What is your motivation of doing so?
Scenario 1: you sell it off. I don’t see any benefits in doing so.
Scenario 2: you hold and market keeps going upwards. You ‘time the market’ (which is impossible) sell making profit.
Scenario 3: you hold and for some random reason bitcoin crashes tomorrow. Your $1.2 M fall down like house of cards. You lose your property and it’s worth.
There are too many moving factors to this. Such high risk investments should never exceed 3-5% of your total investments. I am not aware about your financial situation, but if 1.2M is not significant for you, go ahead. But if that constitutes majority of your net worth, it’s a HUGE gamble.
My 2 cents on this are never gamble real asset. I have seen people crash and lose their everything because of this. Always make substantial financial decisions based on worst case scenario.
Do it. Write a book about it.
Pro
Haha I’d do that if I could I’m also very into bitcoin
I think its fine. If you have a condo in El-paso you could sell it for Ether, or a condo in Raleigh for ripple. You can't go wrong as long as the first letter is same.
The risks don't seem worth the benefits, just thinking of the logistics. The dollar value of btc could shift meaningfully between when you list the home in btc and when you actually agree and again when you actually get paid.
And you reduce the number of potential buyers. 95% of people don't own any crypto. And the vast majority of those that do probably need a mortgage, bu can't get a mortgage in btc because that would set off too many red flags at banks. Would the relative handful of bitcoin millionaires want your property?
The mortgage issue is a legitimate concern though... Most people don't just have $1m in crypto lying around, and the ones who do tend not to get it involved in something tax authorities have oversight on.
Do it to get all eyes on it. Someone's gonna offer USD. Take the best offer.
For how much?
She reversed her statement the next day, remember?!
Should have done that months or even years ago.
Why not just refinance and use the money to buy bitcoin
Why would someone be hung up on converting to fiat first?
Spending btc is a taxable event.
If the buyer is from outside the US?
The USD cost of ur condo would fluctuate 10% every hour - and can double or halve in a month