Bitcoin up 3000$ today !

[Golden Fleece]

I was wondering about that, too. However, nothing has happened so far. On the contrary, the price of BTC is quite stable considering the circumstances.

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]

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

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]

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

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]

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.

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 or not saying the right stuff loudly enough

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

 

[Vor]

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 or not saying the right stuff loudly enough

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

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 like putting food in your mouth and clothes on your back. You are gonna need fiat currency.

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

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

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

USA gives out prison terms the length of football fields in years lol. Imagine this scenario US gov says you owe $XXX,XXX in back tax you say no i dont so they indict you on tax fraud charges you proceed to go ah ha I will never pay my money is in BTC. The prosecutor gives you a deal of give up your seed phrase and 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

 

[Golden Fleece]

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

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.

A financial source in the UAE confirmed that Russians were buying property in Dubai, using crypto as a way of getting their money out of other jurisdictions and into the Gulf state.

Some clients are using cryptocurrency to invest in real estate in the UAE, while others want to use firms there to turn their virtual money into hard currency and stash it elsewhere, the sources said.

Russians Liquidating Billions of Crypto in the UAE

Crypto firms in the United Arab Emirates (UAE) are being deluged with requests to liquidate billions of dollars of virtual currency as Russians seek a safe haven for their fortunes, company executives and financial sources said.

www.newsmax.com

technically speaking BTC is the safest asset in the universe

That is possibly the most bizarre thing that I have ever read anywhere, either in this forum or anywhere else. This is like some weird cult-mentality full-blown mega-retardation.

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

 

[void]

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 like putting food in your mouth and clothes on your back. You are gonna need fiat currency.

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

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

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

USA gives out prison terms the length of football fields in years lol. Imagine this scenario US gov says you owe $XXX,XXX in back tax you say no i dont so they indict you on tax fraud charges you proceed to go ah ha I will never pay my money is in BTC. The prosecutor gives you a deal of give up your seed phrase and 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

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 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?

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]

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.

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?

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.

 

[Vor]

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?

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 delusion that 1. you can take on the full might of the state 2. the state even cares about your existence. Interestingly enough there are instances of US persons with judgements against them who have stuffed their assets into Cook Islands asset protection trusts properly and have managed to pay out $0 of those judgements.

Sticking ones $10M in BTC and lying under oath about its existence, amount, or your ownership of it is not an asset protection strategy it's just a crime. It will not protect you from the prison sentence when it's uncovered you did this. In reality though this day for 99% of BTC hodlers will never come because they are irrelevant to the government and are small fish who if the government wants their money and cant get at it instantly no issue they will hit you with a tax lien and garnishments. They wont even waste the time looking for your $30K of peanut money in internet coins... they will wait until you cash it out to your bank to buy food with fiat and will swipe that.

Asset protection for all types of asset classes exist and most UHNWI use them they arent all in BTC. UHNWI are some of the most paranoid people too and for good reason. Yet for some reason BTC isn't even bigger than golds market 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.

they are irrelevant to the government and are small fish who if the government wants their money and cant get at it instantly no issue they will hit you with a tax lien and garnishments. They wont even waste the time looking for your $30K of peanut money in internet coins... they will wait until you cash it out to your bank to buy food with fiat and will swipe that.

Can not agree more.

Compare to modern financial world, BTC is still small.
Amount of money launder through BTC is 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]

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.

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.

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

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