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Question: Future Bitcoin millionaires - will you cash out when you hit $1M?
Yes - it'd be a good point to sell it all and put it in more traditional investments - 18 (6%)
I'll probably sell part of it when I hit $1M in total holdings - 134 (44.5%)
I'll keep selling everything but $1M every time the price goes up. - 19 (6.3%)
I'm cashing out sooner than that! - 28 (9.3%)
NEVER! Hide ALL the coins! - 102 (33.9%)
Total Voters: 301

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Author Topic: Future Bitcoin millionaires - will you cash out when you hit $1M?  (Read 13413 times)
arklan
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April 09, 2013, 01:20:39 PM
 #41

i'd not necessarily cash out in the sense of selling btc for fiat, but i sure as hell would spend some, even if that required conversion to fiat. i mean, house, car, more mining hardware...
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oaxaca
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April 09, 2013, 05:07:55 PM
 #42

$1M should be enough to run away and hide (if that is what you want).  I saw a nice property in Central America that would cost 1/10 of that.

The real question would be cash out into what, not when.  Anybody got a tax-free, no-questions-asked exit strategy?

this isn't good for my chi
fivemileshigh
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April 09, 2013, 05:16:42 PM
 #43

A million dollars isn't what it used to be.
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April 09, 2013, 05:35:47 PM
 #44

There really is no reason to "cash out".  If you want to pay for something (goods, services, paying off debt) and you can't using BTC then selling enough BTC to pay for it indirectly is an option.

I have had my eye on a boat for a while. I doubt many boat dealers will be taking Bitcoins anytime soon.  If the exchange rate went up enough I would gladly sell some of my coins to buy the boat I wanted.   To cash out just to hold cash?  I wouldn't do that at $1M, $100M $1B, $1T.  Why?  To hold paper which becomes worth less and less every year.

I would prefer to buy assets directly (BTC -> asset) but if I can't indirectly works too (BTC -> USD -> asset).

Are you still mining?

Congrazt D&T, you deserved this wealth.
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April 09, 2013, 05:59:55 PM
 #45

When I have enough to pay off my house with 50% of my holdings, I will cash out that 50%.
Cash out at $1M is good idea, but into US Dollar is bad idea.

These. I'm not 100% certain that Bitcoin will last as long as I will, and would love to get my family out of debt before a possible bitcoin crash. But I don't want to sell them all, in the off chance Bitcoin DOES revolutionize the world economy.

But I'm just as doubtful of the USD, so I'd probably diversify into stocks and commodities.
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April 09, 2013, 06:25:27 PM
 #46

Cash out to what? Maybe gold if you want to diversify, but if bitcoin hits the 1M mark it's because fiat currencies are becoming totally worthless.

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April 09, 2013, 06:34:50 PM
 #47

Cash out to what? Maybe gold if you want to diversify, but if bitcoin hits the 1M mark it's because fiat currencies are becoming totally worthless.
Sure, gold, becoming debt-free, buying a nice house, purchasing up rental properties, whatever.  I know I certainly won't be keeping my money in USD, but buying $1M worth of rental property with cash is a rather attractive proposition.
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April 09, 2013, 06:52:56 PM
 #48

If it hit $1m I would probably only turn anything into USD if I needed USD for some odd reason.
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April 09, 2013, 07:33:32 PM
 #49

I like that the majority trust in bitcoin more than in fiat.
That's correct. If you cash out you just need to pay a lot of taxes and answer a lot of unpleasant questions.
Better if you keep it and cash out only what you need.

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Mike Christ
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April 09, 2013, 07:49:18 PM
 #50

My 1 million dollars of tomorrow is only buying $990,000 today.  No thanks!  I'll stick with the coin.

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April 09, 2013, 08:03:32 PM
 #51

$1M should be enough to run away and hide (if that is what you want).  I saw a nice property in Central America that would cost 1/10 of that.

The real question would be cash out into what, not when.  Anybody got a tax-free, no-questions-asked exit strategy?

Couldn't you create a hip website, then make a competition to win $$$, then make yourself win. Winnings aren't taxable. Correct me if I'm wrong. Surly this can't work?

ABitBack.com - Shutdown due to Shiftcode gross negligence Domain for sale PM if interested
Luckybit
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April 09, 2013, 09:01:06 PM
 #52

The millionaires will hoard coins till their last breath.

Why cash out? So we can be paying taxes? College loan debt? And have higher rent?

The smartest thing to do is never cash out. Just buy and become part of the Bitcoin economy permanently. Start working for or running businesses which accept Bitcoin.
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April 09, 2013, 09:03:24 PM
 #53

If it hit $1M then it means bitcoin is the currency of the world, and that there would be nothing to cash it out, everything would be traded in bitcoin  Cheesy

I don't think he means an exchange rate of $1,000,000 USD per BTC but rather if someone personal holdings were worth $1M.  Like if you had $1M worth of gold would you sell the gold?

How exactly would you even determine your personal holdings? If 1 BTC isn't worth 1 million then it's hard to know how much an entire persons holdings are worth when you have alt currencies, and Bitcoin cryptostocks, and the mining.
DeathAndTaxes
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April 09, 2013, 09:26:24 PM
 #54

If it hit $1M then it means bitcoin is the currency of the world, and that there would be nothing to cash it out, everything would be traded in bitcoin  Cheesy

I don't think he means an exchange rate of $1,000,000 USD per BTC but rather if someone personal holdings were worth $1M.  Like if you had $1M worth of gold would you sell the gold?

How exactly would you even determine your personal holdings? If 1 BTC isn't worth 1 million then it's hard to know how much an entire persons holdings are worth when you have alt currencies, and Bitcoin cryptostocks, and the mining.

It was an individual question.  You don't know how much YOUR Bitcoins are worth?  No problem send me your wallet.dat by email and I will email you when your Bitcoins are worth $1M.  Problem solved.
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April 09, 2013, 09:31:08 PM
 #55

If it hit $1M then it means bitcoin is the currency of the world, and that there would be nothing to cash it out, everything would be traded in bitcoin  Cheesy

I don't think he means an exchange rate of $1,000,000 USD per BTC but rather if someone personal holdings were worth $1M.  Like if you had $1M worth of gold would you sell the gold?

How exactly would you even determine your personal holdings? If 1 BTC isn't worth 1 million then it's hard to know how much an entire persons holdings are worth when you have alt currencies, and Bitcoin cryptostocks, and the mining.

It was an individual question.  You don't know how much YOUR Bitcoins are worth?  No problem send me your wallet.dat by email and I will email you when your Bitcoins are worth $1M.  Problem solved.
I only have a few so they will probably never be worth $1M.
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April 09, 2013, 09:37:44 PM
 #56

$1M should be enough to run away and hide (if that is what you want).  I saw a nice property in Central America that would cost 1/10 of that.

The real question would be cash out into what, not when.  Anybody got a tax-free, no-questions-asked exit strategy?

Sure go to Venezuela, they won't extradite you  Cheesy

Truth is the new hatespeech.
veteranBtc
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April 09, 2013, 10:03:22 PM
 #57

I was working on a BTC<->AU (gold) Market.
You send in gold or buy shares from others to create a gold balance (shares represented in grams) on the exchange, and trade like normal 1 gram to .33 BTC or whatever.
The gold idea is great!
Bitcoins in exchange for gold and vice versa.

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April 09, 2013, 10:05:38 PM
 #58

A million dollars isn't what it used to be.

You said that from your experience or what?
Do you have 1M$ ?

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April 09, 2013, 11:06:31 PM
 #59

Hmm well lets think... Suppose when bitcoins hit $15 a while ago, that was your million dollars point.

Would you cashed out?

If you did/had, how would you / did you feel now that bitcoins are well over $200, maybe likely to hit $500 soon, and looking more and more certain to be way over $1000 by the end of the year (if not far sooner, like by the end of the summer...)

Huh

On the other hand, I do want to buy some good well built low power consumption ASICs... Smiley

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April 09, 2013, 11:24:50 PM
 #60

I'm not sure I will ever cash out.

My notion is that I haven't really bought into BTC, so I'll ride this wave with my (few) Bitcoins as long as they're viable.  If they die, I'm okay with that as I haven't invested heavily in them.

It's a hobby to me, at this point.
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