Selling All Fiat In Bank For BTC?

[franky1]

Yea in this example, it would be like having money and assets already where you would then sell all of it and have little cash and live like a caveman.  

But in the other example in the other thing I mentioned, that is much different right?  Like if someone invested small but the btc went up a lot and they still living like a caveman, that would be stupid right?  Or it still makes sense.  Assuming again that person makes low income to cover living expenses and crap apartment and been doing that for years and also 5k in the bank.  And not even selling any btc they could possibly be in the mid 6 figures even because they don't want to cash any btc out.  That would be dumb or not?  Obviously if you have an emergency, you have to sell btc.  But like imagine the caveman person not wanting to spend anything and just living in their crap apartment etc.  

again going to extremes in both scenarios is stupid if it leaves you scraping the fridge shelf looking for crumbs to eat

you dont need to live like a caveman and buy every asset..
you dont need to live like a caveman and never sell any asset..

you should plan. calculate and budget.
work out a safe and enjoyable risk tolerance. and simply buy low sell high within your planned tolerances. and not go extremes

there are certain times when its stupid to sell.. like mid cycles low..
but if you planned your life to understand and accept your risk tolerances and living costs and have planned when to enter and exit. you can both invest and live comfortably

its the same as pensions.. just putting 7.5% of income aside for next 40 years starting at 25 will turn into a large lump sum at 65
you dont need to put 80% of your income in when your 25 and live like a caveman every year for 40 years knowing you cant touch your pension

..
those that dont plan and just emotion YOLO extreme buy and caveman it. will fail if their dream of xmultiple in only #months.
you need to plan how long you want to invest for and adjust budgets and investment amounts to account for the length of investment and expectations

[gunhell16]

Do you have sources that you have heard about those who have filled out their savings in the bank, or maybe it is just a story that came to mind? Yes, I know many investors are now thinking of saving Bitcoin. But I haven't heard of anyone so far who sold their property just because they bought Bitcoin, which is now available in the market.

Actually, I also believe that there will be more people buying Bitcoin when it reaches $100,000 each. That's why when they buy at that price, they are too late. And the ship has already talked to the water; it will be difficult for them to keep up with my opinion, and it's just a guess.

[jasonjm]

So I have heard a lot of people say this.  Such that they are going to withdraw all of their money from the bank and buy BTC.  And things like will sell their car and house and possessions and all that to buy btc.  Many say they will do this and be all in with BTC so to speak.

Withdrawing all of your money from the bank account and buying Bitcoin is not a wise option, as you should have some amount of fiat in your bank for your day-to-day activities and emergencies.
Selling cars and houses to invest in Bitcoin is some next-level idiocy. It is not recommended. Investors usually invest in Bitcoin, and from profit, they buy property and mobile assets. Putting everything you have in BTC is not an investment; it is a gamble, as there are risks associated with Bitcoin/ Cryptocurrency investment. If the market dumped and went into correction, things will get difficult for you.

[btc78]

First off, this doesn't make any sense.  You have to have fiat so you can spend it on food and fiat in the bank to pay for bills and property taxes if you own a house etc.

I’m pretty sure people like this are still earning something on the side or at least i hope so not everyone keeps all their money in the bank sometimes they just have it in cash

i know bitcoin is something that no one should miss out on especially if the reason is lack of funds but people still need to understand that profit gaining in bitcoin does not happen overnight and they will not be helping themselves if they risk being homeless just to hop on to btc

[abel1337]

Using all the money you have in your bank and selling most of your physical asset such as your house, car or any necessity you need just to buy bitcoin is a dumb idea which I think extremist do. Always remember that bitcoin is a volatile asset and it can crash anytime, and it is absolute that you won't want to get bankrupt all of a sudden. Learn to allocate funds depending on your priority, you can cut on your entertainment, hobbies or other fund allocations for the sake of investment funds , just don't cut the funds for necessities. I don't like the idea of doing YOLO on a very volatile asset. If you want to buy bitcoin as much as you can, being smart is the best thing to do. Accumulate on lower prices, find other source of income and lower your expenses. There are so much things you can do to accumulate bitcoin, just don't sacrifice the basic necessities you need.

[kentrolla]

People just say this to boast their support for Bitcoin and thus deceiving others. No-one would really do that unless they live in a country where Bitcoin is accepted as a payment for everything right form food, grocery, EMIs and all the other necessity where Fiat is accepted. When people say they will sell their house and convert it into bitcoin where will they stay if they sell off? unless they own more than one property and selling one out of it to invest into Bitcoin. At the moment we can hodl Bitcoin as an asset just like house or piece of land but Fiat is necessary for survival.

[Promocodeudo]

Yes, I may encourage people to invest in BTC but the idea of withdrawing all your fiat or selling your other assets to invest in only BTC is not ideal for a rational human being, investment is fantastic, and so is fiat too, the fiat has its function and we shy away from that, BTC is an investment that requires one to be calculative and resolute so that you can enjoy the investment itself, you don't just keep all you have in a particular cycle, no financial advisor will tell such, I know people will say you can still purchase with the BTC yes it is true but you should also know that it is not every organisation or institution that accepts the use of BTC for payment, so in this case, what will be the option for such person, I think we should not make it look like fiat is irrelevant, fiat will always be useful unless bitcoin becomes a current of the whole world and been made handy that's when we can rely on it totally as for now, fiat must be mentioned and it's functions must not be overlooked.

[KiaKia]

So I have heard a lot of people say this.  Such that they are going to withdraw all of their money from the bank and buy BTC.  And things like will sell their car and house and possessions and all that to buy btc.  Many say they will do this and be all in with BTC so to speak.



First off, this doesn't make any sense.  You have to have fiat so you can spend it on food and fiat in the bank to pay for bills and property taxes if you own a house etc.  So when people say they are all in on BTC, they obviously still mean enough cash in the bank for your basic bills things?  Like they still have at least 2k usd or 5k usd or 10k usd in the bank?  Or for people with lot of money, well still at least 500k usd in the bank right etc?  


Now say someone has 50k in the bank.  Say their house is worth 500k and they sell that.  Well if they do, let say they have around 525k in the bank after taxes for selling their house.  That person owns nothing else.  Well you going to have to rent an apartment since you need a place to stay.  So how can this person even be all in with BTC then?  I mean they surely will still have at least 50k in the bank still like previously right?  But now that 475k or so from the proceeds of selling the house will be sent to an exchange to buy like 10 btc?  So this person's net worth now in terms of btc to their cash would literally be like almost 90%.  Isn't this very risky for someone who converts cash to crypto in terms of risk?  

My money is all in BTC since 2022, leave feed and needs as there are ways to go about that, remember that not everyone has the same condition, some people have businesses that brings income every day and they use that to take good of their home, if I have not put all my money into BTC since last year and I let them sit in the bank account the value would have greatly reduced, but instead I am up more than a 100% of my money, the choice is yours and no one should say that it's a wrong choice.

I choose BTC to escape massive inflation affecting my local currency and I believe that I did very well, yea some sold their cars and properties, the question you should be asking now is if it's favouring them, those who bought BTC even if it's their cars money @17k can afford more than one car today, everyone has their own level of risks, if they can risk their properties it doesn't mean that they can't afford to lose it, this is something that only concern you, asking yourself if you can afford to take such risks, if it's a no then it's good, but others can be able to afford it.

[Blitzboy]

Are we missing something important? We support Bitcoin for its privacy and financial system disruption. Are we not overlooking life's practicalities? Food, rent, and taxes require fiat. This duality is about navigating a changing environment while staying present, not only financial preparation.

Imagine someone investing a lot of money in Bitcoin to get privacy and freedom from government inspection. However, they must maintain a fiat reserve for everyday expenses. We want Bitcoin to rule, yet we're still in the fiat web.

Instead of how much fiat to hold, the key is balancing a revolutionary digital asset with today's financial ecosystem. Shouldnt this duality reflect our path toward a future that's still shaping up?

[Sanitough]

I am pretty sure that when people say sell "all" they do not mean the money they are going to buy milk with next day, that's not the point. Most people have two separate accounts, one where they invest, and one where they spend. You may have 800 dollars in your spending account, while also have 8k dollars in your savings, two separate places and not at the same place, could be even different banks and in this case could be bitcoin too. When they say they want to sell it all, they mean the savings, the investment, could be interest account, could be stocks, could be gold, doesn't really matter, just have money in your account for living, and rest all goes to bitcoin, and I have been like that for 7 years now.

"Sell all" does not actually mean that you also have to compromise the funds intended for your basic needs. The money intended for investment is separate from the money that will be used for paying bills, insurance, medication and the basic necessities of the family. Otherwise, your life will be a mess if it turns out that your chosen investment never works and your capital has been wasted.

We should always stick to the basic rule to only invest what we can afford to lose. We don't actually hold the future of our investments so always invest at its own risk.

[DabsPoorVersion]

So I have heard a lot of people say this.  Such that they are going to withdraw all of their money from the bank and buy BTC.  And things like will sell their car and house and possessions and all that to buy btc.  Many say they will do this and be all in with BTC so to speak.

People who can think of something like that have realized that instead of keeping all their money in a bank that earns interest annually up to 2%, it would be better to invest somewhere like in Bitcoin. Some Bitcoin supporters, those who fully believe in Bitcoin can risk everything including their car and house that's why people can say something like this.

First off, this doesn't make any sense.  You have to have fiat so you can spend it on food and fiat in the bank to pay for bills and property taxes if you own a house etc.  So when people say they are all in on BTC, they obviously still mean enough cash in the bank for your basic bills things?  Like they still have at least 2k usd or 5k usd or 10k usd in the bank?  Or for people with lot of money, well still at least 500k usd in the bank right etc?  

People know that. Investing everything they have in Bitcoin doesn't mean they don't leave enough money to spend in a month. Have you thought of it that way wherein no one in this world can live without eating?

Now say someone has 50k in the bank.  Say their house is worth 500k and they sell that.  Well if they do, let say they have around 525k in the bank after taxes for selling their house.  That person owns nothing else.  Well you going to have to rent an apartment since you need a place to stay.  So how can this person even be all in with BTC then?  I mean they surely will still have at least 50k in the bank still like previously right?  But now that 475k or so from the proceeds of selling the house will be sent to an exchange to buy like 10 btc?  So this person's net worth now in terms of btc to their cash would literally be like almost 90%.  Isn't this very risky for someone who converts cash to crypto in terms of risk?  

It is risky, however, if you truly believe in the technology, you can risk everything for the sake of your future. Bitcoin is a long-term investment that is the goal of those people who are willing to risk everything they have.

[GideonGono]

So I have heard a lot of people say this.  Such that they are going to withdraw all of their money from the bank and buy BTC.  And things like will sell their car and house and possessions and all that to buy btc.  Many say they will do this and be all in with BTC so to speak.



First off, this doesn't make any sense.  You have to have fiat so you can spend it on food and fiat in the bank to pay for bills and property taxes if you own a house etc.  So when people say they are all in on BTC, they obviously still mean enough cash in the bank for your basic bills things?  Like they still have at least 2k usd or 5k usd or 10k usd in the bank?  Or for people with lot of money, well still at least 500k usd in the bank right etc?  


Now say someone has 50k in the bank.  Say their house is worth 500k and they sell that.  Well if they do, let say they have around 525k in the bank after taxes for selling their house.  That person owns nothing else.  Well you going to have to rent an apartment since you need a place to stay.  So how can this person even be all in with BTC then?  I mean they surely will still have at least 50k in the bank still like previously right?  But now that 475k or so from the proceeds of selling the house will be sent to an exchange to buy like 10 btc?  So this person's net worth now in terms of btc to their cash would literally be like almost 90%.  Isn't this very risky for someone who converts cash to crypto in terms of risk?  

Of course it is just figurative speech, there is only few country that you could live with only crypto or Bitcoin.
You would still need to have money for your necessities, and the risk that they are taking are all for the long term profit, their net worth could go down a few when they convert their assets into crypto, but they are doing it for a long term investment.

[Jegileman]

First off, this doesn't make any sense.  You have to have fiat so you can spend it on food and fiat in the bank to pay for bills and property taxes if you own a house etc.  So when people say they are all in on BTC, they obviously still mean enough cash in the bank for your basic bills things?  Like they still have at least 2k usd or 5k usd or 10k usd in the bank?  Or for people with lot of money, well still at least 500k usd in the bank right etc?  

Withdrawing all the money from the bank and invest them into bitcoin does not mean they don’t have anything left in their account. They will definitely keep some of them for personal use. Bitcoin investment does not necessitate you to put yourself in an uncomfortable situation that you will be living a regretting life. Those that sell their belongings and investments in other places are just doing that because they feel bitcoin will give them more profit overtime than what they’ve invested their money into.

I am not in support of people selling their home to buy bitcoin, but other things that are not necessarily needed now can be sold to invest in bitcoin. Having a roof under your head is the best thing for anyone, unless you live in a very big house that you can sell and get a smaller one of comfort, but not settling for a rented apartment.  Everyone thinks differently and have different views on how they want their investment to be, whatever works for amyone is what they will go for but that shouldn’t make your life miserable after the investment.

[so98nn]

There is no right and wrong in this one. It all depends on how the investor manages it. If I am going to buy Bitcoin  then that would be some share of my salary or any extra income that I might be earning. It is never full share of my salary or the other income. That way I am keeping it simple as well as easy to manage. This doesnt compromise my Bitcoin and Fiat but it balances out both.

If you think putting everything into Bitcoin can make it simple then personally I feel it risky one. Bitcoin is highly volatile. It may preserve the number of Bitcoin but it wont preserve its fiat value all the time. Now its upto the perspective of investors whether they are counting their money in fiat or crypto while doing the purchases.

[MIner1448]

Well, I would not recommend that you buy cryptocurrency with all your blood, it would be wise to invest part of the money but not everything from the account, this will no longer be an investment but some kind of casino, and you need to invest very thoroughly, carry out analysis and so on.

[Hamza2424]

Bro, why are you making things difficult with your idea by putting these unreasonable scenarios, do you really think a person will sell his/her house to buy Bitcoins, be realistic you all accumulate according to our capacity. Going out of the way in any market to gain financial freedom can be a non-recoverable disaster.

TBH, I have some Bitcoin figures, I want to have 1M Bitcoins but I cant have them, obviously, so I know to which limit I can accumulate and prepare myself. While investing there should be an investment approach even in Bitcoin it should not be gambling.

[2Pizza410000BTC]

So I have heard a lot of people say this.  Such that they are going to withdraw all of their money from the bank and buy BTC.  And things like will sell their car and house and possessions and all that to buy btc.  Many say they will do this and be all in with BTC so to speak.

People say a lot when they say it but when they do they don't cross the line. Many say sell house to invest bitcoin, sell grandfather's property to invest bitcoin, sell car to invest bitcoin, sell laptop to invest bitcoin, take loan from bank to sell bitcoin, etc. In reality, people never do this. In fact investing in bitcoins does not require selling these things if people are a little bit aware of investing. It is impossible to move without these things which are very necessary for people in the way of life. I would never do all these things to invest in bitcoin with my own thinking and keep 50% to 40% of weekly income for bitcoin future plans. But this investment of mine must be long-term.

[Viscore]

Most likely, when we heard going all in for bitcoin, it does not necessarily mean that all his fiat will go definitely for bitcoin. No one is at the right thinking that he will invest all his money in bitcoin without reserving some fiat to his other needs and for his emergency funds. If you are a responsible investor, you know already what to prioritize and that investing should never be on top but saving for emergency funds first and saving for the needs of the family, and then if there are spare money left, that will go to the planned investment.

Selling all fiat for bitcoin may rare to happen or may never happen at all. Bitcoin is a risky investment, so one should plan it with caution to avoid regretting in the end.

[mirakal]

I am pretty sure that when people say sell "all" they do not mean the money they are going to buy milk with next day, that's not the point. Most people have two separate accounts, one where they invest, and one where they spend. You may have 800 dollars in your spending account, while also have 8k dollars in your savings, two separate places and not at the same place, could be even different banks and in this case could be bitcoin too. When they say they want to sell it all, they mean the savings, the investment, could be interest account, could be stocks, could be gold, doesn't really matter, just have money in your account for living, and rest all goes to bitcoin, and I have been like that for 7 years now.

Of course, most people who say this have already separated their budget for investment and for the family basic needs and necessities. No one will decide to risk all his fiat in an investment where profitability is still not highly 100% guaranteed, as some may still end up losing most especially those who are new in the field. So given this fact, an investor knows already and has seen it coming that he might also lose in the end, that's why investing on the amount that is manageable to lose is very important.

The safe strategy is only invest when you have extra money. All investments are still unsafe, so invest and just don't expect that everything will go according to your plan. Expect the unexpected in any of your investment.

[highalch]

BTC all-in makes sense only if you don't plan to get a bank loan anytime soon, also you have enough savings to drive through the hard times (aka bear market downswings).
 
Have a house, great, you can borrow against it. Have bitcoin, tradfi is gonna look at you like to an alien, you'll gonna have way less options

So having a house on your name, borrowing $$ against it, and putting the dollars into bitcoin at the right time makes more sense to me.