Bitcoin up 3000$ today !

[Golden Fleece]

If you carefully read the article, the crypto firms have "received lots of queries" regarding⁠ liquidating tens of billions of dollars of Bitcoin. So far, big sellers have not yet⁤ liquidated their positions and flooded the market.

In other words, the Bitcoin liquidation is yet⁣ to come.

 

[void]

what is exactly should be the motivation for exiting BTC positions and who will‍ do so?

the only rational reason to sell BTC I can see at the moment⁠ is material need

please elaborate

 

[Vor]

I mean it is a highly⁠ speculative investment vehicle in extremely uncertain times (pandemic and war in ukraine) I'm sure there⁤ are many crypto holders who are in fact smarter than the cult following and are⁣ now wanting to move their money into safer asset classes like gold, farm land, or⁢ anything else really since cryptocurrency is about as risky and unstable as it gets.

 

[void]

technically speaking BTC is the⁣ safest asset in the universe

especially now when we can see that you property can⁢ be seized in a day for having the wrong nationality, saying the wrong stuff or︀ not saying the right stuff loudly enough

let's put aside that physical gold has serious︁ disadvantages... would you hold 50% of your wealth in gold? hardly, but if so where︂ would you hold the rest?

 

[Vor]

real estate, gold, and land. BTC has to be converted to real money to be⁣ spent in any meaningful way.. sure you can even find instances where a house can⁢ be purchased with BTC but what do you do about the day to day like︀ putting food in your mouth and clothes on your back. You are gonna need fiat︁ currency.

BTC is far from seizure proof. If you're sloppy with our seed phrase it︂ wont be yours for long. Even if you are good with your seed phrase I'm︃ sure a hammer and 15 minutes is all it will take to have a BTC︄ holder screaming their seed phrase from the top of their lungs.

BTC is not the︅ safest asset in the universe but there is little point arguing about this since those︆ that think this will never come around to any other view than their own. It's︇ more of a cult than a investment sorry if this is harsh.

Cryptocurrency may play︈ a role in the future or it may not but it's certainly far from the︉ safest asset in the universe. If the government wants you they are gonna get you(especially︊ if you are from a western first world country)

USA gives out prison terms the︋ length of football fields in years lol. Imagine this scenario US gov says you owe︌ $XXX,XXX in back tax you say no i dont so they indict you on tax︍ fraud charges you proceed to go ah ha I will never pay my money is︎ in BTC. The prosecutor gives you a deal of give up your seed phrase and️ its 15 months in federal prison or you can not and get 25 years at‌ trial. Which are you gonna do? The government didn't get your precious bitcoin but they‍ got rid of their problem either way by locking you up for two and a⁠ half decades. You opsec is probably also not as good as you think so 4⁤ months into that 25 year sentence they find where you had stored your seed phrase⁣ anyways smi(&%

 

[Golden Fleece]

All you need to do is⁠ read the article. It is explained there. Bitcoin is easily "transported" which is really its⁤ most salient use, but the technology now exists to track it (whether you wish to⁣ admit that or not), so people want to convert Bitcoin into real assets before their⁢ Bitcoin gets targeted, most especially into real estate in safe haven countries.

https://www.newsmax.com/finance/str...=DM310158_03122022&s=acs&dkt_nbr=010102wgrcql
That is possibly the︅ most bizarre thing that I have ever read anywhere, either in this forum or anywhere︆ else. This is like some weird cult-mentality full-blown mega-retardation.

BTW: Good-quality farmland is the safest︇ asset in the universe. People always need to eat -- and it will never vanish︈ if the internet disappears.

 

[void]

any disadvantage you mentioned applies (even more) to other‌ assets...

anyway this wasn't my point... I was talking about preserving wealth

let's say you‍ have 10M usd you don't need - where would you store that value nowadays? gold?⁠ 😀

 

[Golden Fleece]

Any clear-thinking person with $10 million would buy an income-producing farm. We are at the beginning⁠ of a commodities super-cycle with the "bonus" of inflation and rising food prices.

 

[void]

so back to the original topic - people will be⁠ now liquidating BTC holdings to buy farm land and food production companies?
that's the liquidation⁤ to come you are talking about?

 

[Vor]

farm land, real estate, and gold.

proper asset protection strategies that rely on more than perjuring⁠ yourself and violating court orders can apply to other assets than cryptocurrency when it comes⁤ to protection from creditors, ex spouses, and potential lawsuits. This after all is a forum⁣ about the offshore world I would imagine you can find some more about things like⁢ Foundations and Trusts on here.

Your entire view on cryptocurrency revolves around a paranoid delusion︀ that 1. you can take on the full might of the state 2. the state︁ even cares about your existence. Interestingly enough there are instances of US persons with judgements︂ against them who have stuffed their assets into Cook Islands asset protection trusts properly and︃ have managed to pay out $0 of those judgements.

Sticking ones $10M in BTC and︄ lying under oath about its existence, amount, or your ownership of it is not an︅ asset protection strategy it's just a crime. It will not protect you from the prison︆ sentence when it's uncovered you did this. In reality though this day for 99% of︇ BTC hodlers will never come because they are irrelevant to the government and are small︈ fish who if the government wants their money and cant get at it instantly no︉ issue they will hit you with a tax lien and garnishments. They wont even waste︊ the time looking for your $30K of peanut money in internet coins... they will wait︋ until you cash it out to your bank to buy food with fiat and will︌ swipe that.

Asset protection for all types of asset classes exist and most UHNWI use︍ them they arent all in BTC. UHNWI are some of the most paranoid people too︎ and for good reason. Yet for some reason BTC isn't even bigger than golds market️ cap so clearly they arent buying in mass.

 

[troubled soul]

"$10M in BTC"....
For high amount the risk of losing all money is high.
Just one key and You lose all your money.

How can you sleep at night with‌ this amount of money?
If you are Billionaire, than may be It is worth the‍ risk.
But most of money in BTC, Give you sleepless night.

Can not agree more.

Compare to modern financial world, BTC is still small.
Amount of money launder through BTC is︁ much lesser than big bank launder in a Day.

 

[void]

you guys are disoriented 🙂
who's talking about money laundering or tax evasion? look at my‌ original question... I simply asked why there should be any BTC liquidation and where will‍ these people put their money - those who are in BTC will be definitely selling⁠ it now and buy farm land, hmmm

 

[JackAlabama]

That does come with a whole bunch of risk and⁠ execution issues unless you come from a farming family and know it inside out. Also⁤ where you most likely want to farm and can easily immigrate, it can be taken⁣ away as well at the stroke of a pen.
USA might be the best option,⁢ but that has a whole bunch of own issues too.

The liquidation will be because that newspaper article︄ says so, so it absolutely must be true 😉