A bunch of people told me to sell bitcoin over the holidays and continue to chirp "I told you so". The only problem with that strategy is taxes. Selling when you hold for less than 12 months results in short term capital gains tax.... plus, like you I am confident that the value will continue to go up, even if this is a less than pleasant drop in value. Buying for the long haul, not trying to time the market or be a day trader.
oh yeah i've made it so I hold mine for 12 months and 1 day at least! that extra percentage tax really eats your bottom line.
Good to know. I wasn't aware of that. Extra insenstive to hold on for the ride.
Makes total sense. I really need to read up more on this. I knew I'd pay tax but didn't realize it's more in the first year. I'm in Canada so I'll have to research this more.
Ah might be different for you here if an investment is over 1 year and 1 day it is considered a long term investment and taxable at 10% while if its a short term investment under that its taxable at your current income rate for that year. (of course as always speak to a tax professional first) Always gotta cover my butt lol
Definitely. Thanks