Selling All Fiat In Bank For BTC?

[davis196]

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.

The people can say whatever they want. I can see that you have surrounded yourself with lots of Bitcoin supporters.
I can't find any people in my social circle, that are actively pro-Bitcoin and pro-crypto. I've heard more people saying that Bitcoin/crypto is a scam and it will collapse like a house of cards anytime soon. I couldn't care less about their opinions, to be honest.
Going all in on BTC is extremely risky because BTC is volatile and because the merchants, who accept BTC payments are a very small amount.
Personal finance is all about diversification and not keeping "all your eggs in one basket". Relying on one currency/financial asset is poor risk management, if you ask me.

[moneystery]

i don't know if you misunderstood their point, or if you were discussing another issue. but when someone thinks that they want to sell their car or house to buy bitcoin, they must already have considerations for that decision. it would be very stupid if someone sold all their assets just to invest in bitcoin because that would be like gambling, not investing.

and i'm sure that no one will want to sell all their assets just to invest in bitcoin. unless their goal is to gamble and he's a pretty crazy person, that's a different story, but i'm sure there are no stupid people investing in bitcoin like your story.

[Nrcewker]

Definitely they need to have some amount in cash in order to fulfil their daily necessities. Investing in Bitcoins is like investing in any asset. So if you spend all money you have in Bitcoins, then how you will survive? It’s just people say like that. You should always use the 30:30:40 ratio while investing anywhere. Save 30% of your total income, invest 30% of your total income and use 40% of your total income to pay bills etc.

[inthelongrun]

It's common sense, people need fiat to live. All in on bitcoin means all crypto budget or all investment budget into bitcoin.

Since last year I have been tempted to sell my house while the market is still down. But of course, it doesn't mean that I have to use all the proceeds to buy bitcoin. But the big percentage will be into bitcoin pretty sure. My investment value would've been 50% to 100% by now. I would've traveled from different places in my country since the plan is to rent for a few months and then transfer to another place and so on.

[Mame89]

i don't know if you misunderstood their point, or if you were discussing another issue. but when someone thinks that they want to sell their car or house to buy bitcoin, they must already have considerations for that decision. it would be very stupid if someone sold all their assets just to invest in bitcoin because that would be like gambling, not investing.

and i'm sure that no one will want to sell all their assets just to invest in bitcoin. unless their goal is to gamble and he's a pretty crazy person, that's a different story, but i'm sure there are no stupid people investing in bitcoin like your story.

Always respect someone's decision and I am not quick to judge the steps someone takes, whatever it is, because behind it all there are many lessons and experiences that underlie their decision making, including when they sell their car, house and other assets to buy bitcoin, of course the decision they have taken has already been made. thought carefully. Because for me, sometimes investing in Bitcoin requires courage to be able to gain profits in the future.

Of course, those who have that kind of courage have prepared funds for daily needs, and they have also prepared two separate funds for investment and for needs funds. In essence, with every Bitcoin investment, don't put all your eggs in one basket, put your eggs in several baskets, so that one day when one basket of eggs disappears, there will still be another basket of eggs to eat.

[Apocollapse]

I don't think it's wrong if most of your assets are in Bitcoin, as long as you believe in decentralization, unfortunately Bitcoin is the only one and the most safest asset in terms of decentralization.

But, does it possible to sell all of your fiat in bank for Bitcoin? possible, but you need to face a drama with the bankers since they wouldn't allow you to withdraw all of your funds at once.

[jrrsparkles]

If they have $100K in total then I would advise them to invest more than 20% of it in Bitcoin even though it is going to be the future of the monetary system simply because I don't want to get trapped in something goes south and that is why investors used to say don't put all your eggs in one basket. Invest in bitcoin too but don't invest only in bitcoin that simply doesn't make any sense.

[ndutndut]

It's common sense, people need fiat to live. All in on bitcoin means all crypto budget or all investment budget into bitcoin.

Since last year I have been tempted to sell my house while the market is still down. But of course, it doesn't mean that I have to use all the proceeds to buy bitcoin. But the big percentage will be into bitcoin pretty sure. My investment value would've been 50% to 100% by now. I would've traveled from different places in my country since the plan is to rent for a few months and then transfer to another place and so on.

When the market is sluggish, there are a lot of temptations to take advantage of this moment to buy as much bitcoin as possible, in fact it is not uncommon for people to sell cars, houses and even other property to buy bitcoin, some are more extreme in going into debt to take advantage of the sluggish market moment.

Many people make wrong decisions at times like this, or maybe they are too panicked so they are afraid of missing the train, so they do everything they can to buy bitcoin. As a wise person, regardless of market conditions, we must be wise in making decisions, buy as much bitcoin as you can, don't force it because a hasty decision will have fatal consequences in the future. It's true that saving fiat is not a smart choice, but like it or not, we have to use fiat for daily income. So when investing in BTC, don't go all in, leave fiat to meet your living needs.

[EarnOnVictor]

-snip-
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?  
-snip-

I am in this category my friend and it makes more sense to me, not otherwise as you make it look. It will not make sense only if the person is a fool and didn't plan the investment correctly in relation to his regular way of life and possessions. For me, there was a time when you would hardly see up to $100 in all my bank accounts. I still practice a similar style till now but I made sure I still reduce it very much as you may not find as much as $100 equivalent in my bank accounts in local currency, but you would still find more in my USD-domiciled bank accounts.

My plan of not keeping the majority of my money in the bank is that banks are only cheating me and not giving me adequate interest for my money, and when I can get it elsewhere, why not? Bitcoin and cryptocurrency have opened the eyes of people to how the centralized systems are cheating us, and at times, if I put my money in crypto, I could still be earning as much as 25% of my earnings on a monthly basis. This is a regular time and not like this time we are experiencing a bull run. So tell me, would it be wise to put the money in the bank that will be using it and still give me a peanut for the whole year? Some banks might give about 8% per annum whereas crypto could give me way more in just a month if carefully planned.

But people should be smart about this, you don't sell all your precious assets to keep in crypto, anything bad could happen. This is why I diversify my portfolios all the time. People can buy lands and properties, invest in crypto, stocks/shares and others, and still have their work and businesses running. I only make sure that I do not have much in my bank account instead of wasting it there for the use of the banks themselves. I see this as a smart plan.