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The smart thing to do is to pull $1m out every week or so - big exchanges have the capacity to do that much.
by judge2020 5y ago
The smart thing to do is to pull $1m out every week or so - big exchanges have the capacity to do that much.
- sudosysgen 5y agoAt that rate you will die before getting everything out. A billion dollars really is a lot!
- floatingatoll 5y agoFifty or sixty years to cash out at that rate, so you might still be alive.
- neogodless 5y agoDepends on your age, but it would take 19 years, 3 months.
- lategloriousgnu 5y agoAre you including the increasing value of the BTC in that calculation? I imagine if all goes well, it would be worth a lot more than what it is today in 19 years. It might be impossible to ever withdraw the whole thing at that rate.
- neogodless 5y agoHa no. Thought of that but didn't want to deal with the complexity. Ultimately a fine problem to have.
- sudosysgen 5y agoI was running with the 12 billion dollar number, but yes a billion would take 19 years.
- nearbuy 5y ago19 years to take out $1 billion. 230 years to take out all $12 billion.
- pmorici 5y agoHas there ever been a billionaire that managed to “spend” all their wealth before dying?
- romanhn 5y agoYes, Chuck Feeney: https://www.bbc.com/news/uk-northern-ireland-54300268 https://www.bbc.com/news/uk-northern-ireland-54300268
- ikiris 5y agoNo, the smart thing to do is take a loan out with the btc as the colateral.
- gruez 5y agoI'm guessing you got this idea from one of those "how rich people dodge taxes" articles? It's a terrible idea, because you still remain exposed to bitcoin. If you borrowed 1M dollars against your 2M in bitcoin holdings, and bitcoin crashes, you'll get margin called and be expected to pay that 1M back.
- ikiris 5y agoignoring most of the ignorance in your reply, that's what bankruptcy is for, especially if its a company holding.
- exikyut 5y agoThat only works if the loan snapshots the BTC price at the time of the loan. In the case of the most naive lender in the world who does this, you will be bitten by their incompetence in some other unrelated way almost immediately. In the case of any competent lender who knows anything about Bitcoin, they would go "way too liquid" and "haha nope". </uninformed_commonsense_guess>
- Johnny555 5y agoIsn't that the worst thing to do? I assume that a bank knows that bitcoin is volatile so the terms of the loan would include their ability to call the loan if the value of the bitcoin collateral drops too much. So you could have your $100M loan in the bank one day, and have to pay it all back (including what you spent) after a bad bitcoin day.
- imtringued 5y agoOnly if you want to tap into like 10% of your BTC. You'll also have to make sure you put some of the loans to good use in the real estate market for example.