[VIDEO] Bitcoin Millionaire Going Broke! (What Now?)
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We have been living parallel lives im sure of it. Just yesterday i was looking at an apartment in the UK to buy to let with a tenant already in. I too became a millionaire in 2017 but wasn't ready for it. I was TERRIFIED of the government and the banks and tax situation. Im lucky i cashed out what i did to secure myself and would have sold the lot at 20k if id known how to handle that much money. We live and learn, we will be ready next time.
What have you learned since then? Do you feel as though you are ready the next time you become a millionaire?
I'm curious because I have these :
same fears.
Well as daft as it sounds ive signed up to Coinbase for one. The biggest problem i had was needing somewhere to park that amount of money without feeling like i was somehow at risk. It seemed like everything carried more risk than i could manage. I wasnt used to dealing with such amounts of money. Its happened in every bubble iv experienced since 2012. I also got Tinnitus at the same time as becoming a 'millionaire 'and it basically consumed my every thought every second of the day. I couldn't think about anything else, everything i knew about life got smashed out the park and i didnt want to think about the money i had, i stopped trading id had enough of crypto by that point. Iv had one and a half years to process everything that happened and am in a better place now.
Well first off I’m glad to hear you are in a better place. Mental/physical health comes first.
Secondly, I know Coinbase isn’t the OG crypto way. It sure is convenient and easy for the everyday person isn’t it?
The only time I’ve ever withdrawn crypto before, it was through them.
The only issue you and I both have with Coinbase really (I’m assuming) is the fact that it makes laying taxes pretty much guaranteed. Am I correct?
Thanks,
Well there is no way of avoiding tax and its just not something id even contemplate anyway but Coinbase makes going in and out of fiat easier than within a traditional banking system. I knew to sell at 20k and began to do so but was going into my traditional bank. Id had one bank account closed down a few months earlier with no reason given. I also knew that 20k was not the top only the top of that cycle and id need to go back into bitcoin at some point. It was gapping up 1k a day which was the signal to me that it was time to run.
I became complacent and felt secure which was my biggest regret. Also not signing up to Coinbase because i mistakenly thought id never be able to sign up and sell such massive amounts right away. From what i knew Coinbase was like yeah you can invest $10 dollars a day or something ridiculous. I have a CB debit card now its full on rock star shiz. :)
No worries, I’m a couple years we’re going to be Crypto millionaires 😅😎
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