pull down to refresh
0 sats \ 5 replies \ @0xBTC OP 22 Jun 2023 \ parent \ on: What would make you sell your BTC? bitcoin
We can't act like BTC is the reserve currency right now. I get that being able to hodl it for the long run would be ideal, but my idea is this:
If BTC were to go to like $500,000 (USD) then I would sell and pay off my mortgage. In that scenario, if anything catastrophic were to happen to the economy, I would have no debt to worry about.
In this case, BTC would have set me financially free for life, just have to pay utilities. I could also take like 75% of my paycheck and put it back into BTC over time due to the lack of debts to pay. I may never accumulate the same amount of BTC again, but I also may not have to work nearly as hard or much at my current job.
Btc is my reserve currency. In a fundamental collapse- there would most likely be a debt jubilee and a collapse of housing prices your paid off mortgage would be completely wasted chips and there would not be a significant amount of available equity in your home.
As long as your interest rate on the debt is below inflation- it’s free money.
Unless you want to stop working or can’t work. But even in that scenario, I’d be much more confident having Bitcoin vs having a paid off loan which you can’t buy anything with.
reply
Collapse doesn't equal insane inflation. I mean if the job market collapsed, then I would have a home with no debt. I would also save hundreds of thousands of dollars in interest.
reply
Collapse would mean severe deflation. Your house would be worth 10-25mil sats while a few months before you sold 1 Bitcoin to pay it off.
This isn’t financial advice but I would never sell Bitcoin if I was expecting any kind of financial collapse. That’s kind of the whole point bro
reply
The last time the US has had deflation was 70 years ago. The last time we have had severe inflation was 1932 and we even had inflation in 2010 during the great recession. Not sure where you're getting that idea, but I'll take my chances that doesn't happen again in the near future.
reply
Your name is “0 x btc” and that’s where you are gonna be unless you change your mindset
reply