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Cashing Out Bitcoin

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brenms

New member
Theoretical question, but assuming one had ~$30M (at current value) in BTC that had been sitting in a wallet for several years, what would be the best way to cash that out to fiat?
 

CoffeeExpert

New member
Theoretical question, but assuming one had ~$30M (at current value) in BTC that had been sitting in a wallet for several years, what would be the best way to cash that out to fiat?
The bank you would use depends on the country you are a resident in. Search that country for crypto friendly banks and exchanges that allow bank wires. Go though the motions and register.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
For significant amount of money in Crypto it's affordable to setup a Dubai company together with 2-3 business bank accounts in local retail banks within the UAE.
We have established some good working schemes that the Crypto funds looking like business earnings. The key is that the whole process of the setup is done right. Starting with matching business plan over to the right choice of business license and working with the right banks is the way to go.

As the UAE lifestyle and the "average joe" is a little bit different in Dubai - there are no questions about 1.000.000 EUR transfers.
The sums you plan to move from Crypto need to fit the economy and society of the chosen country.
Things changing fast so better go with a long lasting and reliable setup to gain significant wealth and not loosing money to bullshit banks in Belize or Dominica.

Think big - after the cash out with the Dubai Company setup you make appointments with big Banks located in the DIFC here in Dubai. Starting from 1-2m+ they will be happy to onboard you. Next step is getting into some passive managed ETF's like other users here suggesting all the time and enjoying life.
 

MrYellow

New member
Uae not good for crypto. Banks not enjoy that. It’s a headache and big work to make documents for banks their. I understand you want sell your Dubai service which is fine but understand crypto in Dubai and Banks is hard job. And i know couple of bankers in Dubai as we do business there.
 

LondonOTC

Bitcoin OTC Dealer
Silver Member
BANNED MEMBER
If you have no problem paying the tax and can show the proof of funds, contact Silvergate or a crypto friendly bank.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Uae not good for crypto. Banks not enjoy that. It’s a headache and big work to make documents for banks their. I understand you want sell your Dubai service which is fine but understand crypto in Dubai and Banks is hard job. And i know couple of bankers in Dubai as we do business there.
Can't confirm.

We use several workarounds that work like charm. The whole setup need to be done right and the cashouts have to be presented as business earnings to the bank.

How that's working - well for that we are here.
 
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