If a BTC portfolio gains millions of dollars...

[Coinsfera]

If a BTC portfolio gains millions of dollars, is it really that easy to just sell them on the exchange? They just let you deposit millions into your bank account? Or what do you do when you want to cash out?

Yeah, it can be burdensome to cash out those Bitcoins. I do not think that if there is a place to cash out millions of dollars. The best would be using OTC exchanges to cash out. They are less regulated, and if you sell in high volume, then you can get some fee reduction. Visit OTC when you want to sell BTC from time to time.

[ice098]

If a BTC portfolio gains millions of dollars, is it really that easy to just sell them on the exchange? They just let you deposit millions into your bank account? Or what do you do when you want to cash out?

I think, it will require you KYC before you can withdraw that amount, and I do not recommend to save 1m usd in a certain crypto exchange, better to use hardware wallet for better security, it will make you feel safe rather than in exchanges, no offense but few exchanges has already experienced attacks from hackers, yes your funds are safe but it is much better not to feel anxious because of that, or you may diversify your money into different exchanges.

[amishmanish]

I suppose that there is no dearth of people who have made millions from having bought BTC low during 2015-16. These people must have already been technically and financially savvy enough to understand the implications of Bitcoin and hold it for this long. I expect that most of these people have the trail to prove if asked for.

The only ones that have millions but would find it hard to encash may be individuals with funds hacked from the ICOs and exchanges. For those people, the Hawala-type transactions reminiscent of the Nigerian prince scam would be the only possible route.

[MCobian]

If we earn millions of dollars from Bitcoin, it is not easy to sell it on exchanges and send it to our bank account. We will definitely be asked for
KYC verification, after which we will be questioned about the source of Bitcoin that we get. It will go through a long process, until finally
the millions of dollars we earn can reach our bank account. So to cash out I'll do it in stages, and use a few exchanges to sell the Bitcoin that
I got into fiat. That way it will not raise suspicion.

[JohanM]

This will be different in every country, with every exchange and with every bank.

Banks have improved to the level that most will no longer block your account when using it for crypto, that used to be very different 5 or 8 years ago.

Exchange here in Europe like Kraken and Bitstamp also behave really different:
- Kraken: the highest KYC for individuals (called intermediate KYC) only allows withdrawals of 100k daily and up to 500k monthly. Getting out millions will take several months/years.
- Bitstamp does not have these limits, even for individuals. But they are more strict and question the source of your crypto when you start
Don't hold too much crypto or cash on exchanges. Remember MtGox. I still wait for my money (no crypto) I had there after so many years.
Remember: not your keys, not your bitcoin. If they go bankrupt, you're just one of many on the list of creditors.

Countries: well you have have many possibilities. Some countries have capital gains tax, some have capital tax, some have nothing.
Example my country Belgium: when you held your coins for years and sell now, there is no tax. When you do some trading it will be 33%, when you trade as pro it will be 50% tax.

[lifeforcepools]

It is better to divide this transaction into many small ones, otherwise problems may arise.

[ethereumhunter]

If a BTC portfolio gains millions of dollars, is it really that easy to just sell them on the exchange? They just let you deposit millions into your bank account? Or what do you do when you want to cash out?

Yes, it is easy to sell bitcoin at the exchange, especially if you are a verified member. I think they will not be suspicious of your account because you already sent your document to them. But if the exchange does not need you to verify your account like what we see on Binance, I think they will ask you to verify your account. If that were me, I would not cash out too big money, and I will do it continuously until I got the money. But I do not want to cash out all of the money because I want to continue trading and make more profit.

[itovault]

It depends on why you are converting to fiat. If you want to invest in something else, you might already find it on the blockchain (for example, if you want to move it to the S&P 500, you could buy it here).  If you need to buy a house however, there will probably be fewer people willing to sell for bitcoin immediately.

You definitely will hit KYC limitations, so I would do a test withdrawal to an exchange first.  Don't get all your BTC frozen!

[TheGreatPython]

If a BTC portfolio gains millions of dollars, is it really that easy to just sell them on the exchange? They just let you deposit millions into your bank account? Or what do you do when you want to cash out?

That’s quite a lot, I think there are things that you have to put into consideration before you talk about selling such an amount and withdrawing it to your bank account. First is that you have to know what your bank account can take, and sometimes I have seen people withdraw too much and have their accounts suspected and frozen and they have to answer questions for it. So you have to put hat into consideration. Then that aside, there are some exchanges that will ask you for KYC verification once the amount you want to sell passes 1000 or 2000 dollars, unless you have plans to make use of DEX, but you have to be very careful. Though I have seen someone sell a close amount with P2P exchange or you can sell it bit by bit.