Future Bitcoin millionaires - will you cash out when you hit $1M?

[zeroday]

Yes, I'll probably cash out some when 1BTC will hit $1M

[Mcoroklo]

Because of tax reasons, I would probably try to stay in BTC as long as possible. And if we gets close to that scenario, everything could be bought for Bitcoins anyway.

[crazy_rabbit]

Considering how few coins I have, if I'm worth a $1 Million then Bitcoin is a success and I'm leaving it in bitcoin.

[matt608]

That actually isn't such a bad idea, in fact it's great. BTC<->Gold but not in the form of physical ownership, not till you decide to "withdraw" at least.

It is an idea we (Tangible Cryptography not MtGox) have been discussing at owners meetings.  Of course taking physical delivery would be an option also.

Something like this https://www.bullionvault.com/ but obviously on a smaller scale, with the gold reserve held by a trust in a private vault with periodic audits.

Actually it would be beyond awesome if bullionvault simply added BTC as a market. The commodity side is the hard part and they already have all that in place. 

I've just emailed BullionVault asking if they will do such a thing, as I would like to put a little portion of my bitcoins into silver and I'm sure many of us want to do the same.

[tvbcof]

$1M is just a number like 21x10^6.  No real meaning.

I planned to be at about zero net at around the 10x mark.  Done!

I'll be progressively cashing out as we march forward.  Or backward.  From here forward I have to factor in taxes more which will play a role in my decisions.

There would be no compelling reason to sell out completely whether the values when astronomical or whether they crashed.  In the former case I won't need the money and in the latter case, why bother?

[Carlton Banks]

$1M is just a number like 21x10^6.  No real meaning.

+1

I remember withdrawing cash at an ATM in Italy in the 1990's, the current equivalent of €20 was MILLIONS of Lira. Not one million, but several. The question for me is more: which happens first, BTC holdings become worth $1M, or $1M becomes not such an idealized sum of money.

[notig]

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).

that's my thinking

[tvbcof]

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).

that's my thinking

I am mindful that Bitcoin is still classified as 'experimental', and I believe even 'officially' for whatever that means.  It is certainly official that it has not been marked as 1.x.  That much we know.  Nobody knows what the various governments are going to attempt.

Not wishing to sit on fiat is probably the biggest reason I will tend to sit on more native Bitcoin for longer than I probably would otherwise, but at this point I am looking to hedge my bets to what I consider a rational degree.  That's just me though.  Everyone else should obviously do as they will.

[tonto]

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).

This. +1
 
I'll "cash out" enough to pay off my mortgage when I can.  Then I'll buy a "yacht" (sailboat with a cabin - most people think yachts are big, but a yacht can be small as long as it has a head (bathroom), berth (bed), and galley (kitchen area)) - a lot of 25 foot boats fit this bill, and would fit me well here on small lakes in the middle of the country)

[buddhacoiner]

Ideally I would like to 'cash out' when I have enough to be able to piddle around on my remote piece of property off the grid and not have to worry about food (and having to work a menial job for it) for the rest of my life.  I don't want toys, cars, a second house or any of that.  I want to do nothing but spend my time in the woods where i live now, grow my own food, relax and not have to worry about the future.

Basically, I don't need much.  'Cashing out' for me would be using the bitcoin proceeds to purchase a few generators, a few more solar panels, a second rifle for hunting, 50 truckloads of soil and manure, a shitload of seeds and bullets (fail safe investments if I ever heard of any!), etc.  Then I would need enough to pay my monthly cell phone bill (yes, i live right on the cusp of cell service in the woods...and this is the only way i have internet), my yearly propane refill and my satellite porn.  Then I'm happy.  I've already backpacked around the whole world.

[Operatr]

Cash out to what? $1,000,000 of soon to be worthless currency when China blows up and takes the rest of the world's economy with it? Do some research, this is actually happening right now as I type this. China's artificial boom will bust this year in all likelihood, which will then trigger a chain reaction meltdown moving to a commodities slump, housing slump, and the US itself will be bankrupt when US Medical care and student loan debt pop, and the US housing crash 2.0 to follow, rampant joblessness as the downsizing occurs....the USD and Euro may not exist anymore, and Bitcoin is the system that will vacuum up the pieces left. More and more people disgusted with shady banks and the shadow government (when groups of the most powerful people on Earth meet up once a year for a discussion, what do you think they talk about? More control and power for themselves).

I view Bitcoin as a liferaft, whatever I put in is staying in until BTC is the only currency left. Will that actually happen? Who knows, this is the wild west, and Bitcoin is our gun against oppression of banks and government that are literally engineering the NWO as they have for years, even proposing their own One Currency 10 years ago. I am in a big picture frame of mind with this. With the assumption that someday most of the world will convert to Bitcoin as the old economy burns, BTC will carry serious buying power in the future. This little bubble/increase right now will be trivial in comparison to what's next. Cashing out for $1,000,000 of a hyperinflating and soon to be extinct currency would be idiotic.

There seems to be two classes of Bitcoin supporters: the cash grabbers, and the true believers.

As a man made destitute by an unfair, patronizing bastard of a banking system, this is my cause, and this is my fight to help the USD find its way into a pine box along with those in control of it. Ill spend my BTC in the BTC economy as much as possible because the economy can't work practically if everyone just jumps in as a get rich quick scheme instead of staying in BTC land and buying things with it. I intend to have a liquid BTC fund to spend with, and a long term cold storage for savings.

It is my belief if things go the way I think they will this year, Bitcoin may be the only viable economy to join as one free of the debt problem and uncontrolled by any one entity. Plenty can go wrong as Bitcoin is so young, but its future potential is riveting.

Assuming all of the world's cap makes it into Bitcoin, each one would be worth about $3 Million in spending power assuming the pricing conversion holds on everyday goods. I think I'll be patient and wait, and if the market starts crashing I'll be headed to the exits like everyone else. Though it has survived a few crashes so far, rising from the 2011 one when everyone but the Bitcoin Faithful called it dead.

It will only get bigger as the economy destroys itself. A massive event is right around the bend that will rock this planet to the core, I can't wait to see what Bitcoin does then and my mining op is rolling. I can't justify putting my money anywhere else, because all of it is in massive danger. BTC is the only rising start out of this mess.

[Operatr]

$1M is just a number like 21x10^6.  No real meaning.

+1

I remember withdrawing cash at an ATM in Italy in the 1990's, the current equivalent of €20 was MILLIONS of Lira. Not one million, but several. The question for me is more: which happens first, BTC holdings become worth $1M, or $1M becomes not such an idealized sum of money.

Other crypto-currencies like Litecoin could fill this role as it is intended to, silver to Bitcoin gold. More of them, worth less overall.

[Elwar]

You may as well ask if people who use dollars plan on cashing out to Yens or Rubles once they reach 1M.

[Wekkel]

Getting rid of debt is a noble cause.

[jubalix]

I intend to keep 50% in BTC, 30% in fiat, and 20% in altcoins regardless of what happens. The future is too uncertain to go "all in" to a single currency.

wise words I think

[pennywise]

will you cash out when you hit $1M?

A flawed question. If BTC ever hits $1M, then I won't have to cash out. Perhaps I'll then just cash out of the rest of the fiat.

Cash out to what? $1,000,000 of soon to be worthless currency when China blows up and takes the rest of the world's economy with it? Do some research, this is actually happening right now as I type this. China's artificial boom will bust this year in all likelihood, which will then trigger a chain reaction meltdown moving to a commodities slump, housing slump, and the US itself will be bankrupt when US Medical care and student loan debt pop, and the US housing crash 2.0 to follow, rampant joblessness as the downsizing occurs....the USD and Euro may not exist anymore, and Bitcoin is the system that will vacuum up the pieces left. More and more people disgusted with shady banks and the shadow government (when groups of the most powerful people on Earth meet up once a year for a discussion, what do you think they talk about? More control and power for themselves).

I very much agree with this.

[SgtSpike]

will you cash out when you hit $1M?

A flawed question. If BTC ever hits $1M, then I won't have to cash out. Perhaps I'll then just cash out of the rest of the fiat.

Cash out to what? $1,000,000 of soon to be worthless currency when China blows up and takes the rest of the world's economy with it? Do some research, this is actually happening right now as I type this. China's artificial boom will bust this year in all likelihood, which will then trigger a chain reaction meltdown moving to a commodities slump, housing slump, and the US itself will be bankrupt when US Medical care and student loan debt pop, and the US housing crash 2.0 to follow, rampant joblessness as the downsizing occurs....the USD and Euro may not exist anymore, and Bitcoin is the system that will vacuum up the pieces left. More and more people disgusted with shady banks and the shadow government (when groups of the most powerful people on Earth meet up once a year for a discussion, what do you think they talk about? More control and power for themselves).

I very much agree with this.

It's not if BTC hits $1M.  It's when your holdings hit $1M.

[jubalix]

Considering how few coins I have, if I'm worth a $1 Million then Bitcoin is a success and I'm leaving it in bitcoin.

few coins? I am sure you are in the Vladamir Club at least

[jerkoff]

Cash out to what? $1,000,000 of soon to be worthless currency when China blows up and takes the rest of the world's economy with it? Do some research, this is actually happening right now as I type this. China's artificial boom will bust this year in all likelihood, which will then trigger a chain reaction meltdown moving to a commodities slump, housing slump, and the US itself will be bankrupt when US Medical care and student loan debt pop, and the US housing crash 2.0 to follow, rampant joblessness as the downsizing occurs....the USD and Euro may not exist anymore, and Bitcoin is the system that will vacuum up the pieces left. More and more people disgusted with shady banks and the shadow government (when groups of the most powerful people on Earth meet up once a year for a discussion, what do you think they talk about? More control and power for themselves).

If the whole world ends, countries go bankrupt and everyone sits in a shack on a hill with an ak47 and a year supply of food, who's going to run the internet that your bitcoins are based on ?

[HappyBitCoinUser]

Cash out at $1M is good idea, but into US Dollar is bad idea.