crypto currency

[QuarterMillionMan]

Hypotheticall question, USDC = $1 USD, if king dollar loses it’s world reserve currency status does USDC then become worthless like king dollar?

[james.hendrickson]

James, I’m having a $100K party and you are invited.

I'll bring all my cool friends.

[QuarterMillionMan]

Along with Michael Saylor & Cathie Wood, bitcoin bulls.

[QuarterMillionMan]

James, I’m having a $100K party and you are invited.

[Tabs]

Yeah, though to be fair, everything has jumped since Trump's election win. I noticed that BTC is mostly directly correlated to the market as a whole. Even my own boring stocks have jumped up, which honestly, I am not complaining about.

[QuarterMillionMan]

Big move on bitcoin $84,000.

[QuarterMillionMan]

You could be right James now $74,290.

[james.hendrickson]

Oh shoot, it could go a lot higher!

[QuarterMillionMan]

Bitcoin is rising $72,800.

[QuarterMillionMan]

USDC pays 4.7% interest where I'm putting paltry sums on a $31 weekly basis but not necessarily for the 4.7% interest rate but more for the fact that I'll have something should I need it for who knows what?

[QuarterMillionMan]

$71,000 now.

[QuarterMillionMan]

Bitcoin today $70,000. Next stop maybe $75,000. FOMO, it's never too late.

[disneysteve]

Yes, most are long term gains which begs the question if I had been dollar cost averaging (DCA), which I was not but hypothetical to this question let's say for the past 10 years I've DCA'ing up until today and I sell let's say in the Ledger account where I have $30,000 profit and take it and leave $15,000, the bulk of the $30,000 is long term gains but a small portion would be short term gain. How would I figure out the exact amounts?

You need to go by lots and purchase dates. If you have some that you bought less than a year ago, try to hang on to those until it’s been at least a year.

[QuarterMillionMan]

Yes, most are long term gains which begs the question if I had been dollar cost averaging (DCA), which I was not but hypothetical to this question let's say for the past 10 years I've DCA'ing up until today and I sell let's say in the Ledger account where I have $30,000 profit and take it and leave $15,000, the bulk of the $30,000 is long term gains but a small portion would be short term gain. How would I figure out the exact amounts?

[disneysteve]

Selling at the top of a significant gain is definitely a good exit strategy. As far as the IRS goes, also keep in mind some of the required reporting with your taxes next year. I don't know if they're treated differently somehow, I just recall there being questions about crypto when I was doing my taxes.

Crypto is treated as an investment asset the same as stocks so it’s subject to capital gains.