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Even if you think you only have a small amount of BTC, your BTC will appreciate in time and you will want to be prepared. Don't be one of these small children that gets excited when the price increases and then they "cash out" to buy an expensive car. That is poverty thinking - you pay 100k purchase price for the car + 40k for taxes, plus ongoing expenses of probably 20k per year. Your wealth has now *decreased*. You could have used this money to buy dividend paying stock that generate 20k per year in dividends in perpetuity instead. Liquidating assets to pay for expenses is a poverty/bankruptcy mindset, and only lines the pockets of the politicians who collect the capital gains tax, sales tax, gasoline tax, and all the other taxes that you just paid.
Instead, use your BTC to create new entities which in turn purchase and hold land, commodities, shares of other companies, operations like mining btc, etc.
In any case, I suggest you read the tax laws for yourself. Don't rely on hearsay or "priests" to tell you what is required and what is not when it comes to taxes. People often behave is if they are illiterate regarding tax law, perhaps due to the fear perpetuated by the tax industry, shills, etc. Take the time to read the text of the laws for yourself and you may find that you can keep more of your wealth than you originally thought as you grow your portfolio.
This is the eye-opening takeaway from this informative post. And this rings the bell a lot to me since I created many mistakes in the past financially. With this, I remember what I read in the book Rich Dad, Poor Dad by Robert Kiyosaki since he was and continually advising the same thing. We must have the rich mindset and take advantage of the opportunities presented to us and always on the look-out for many effective ways we can generate more wealth and not be sucked by the tax-hungry government...of course we have to do it on the legal way as we don't want the same thing that happened with John McAfee. Thanks OP for this post.
