23 sats \ 2 replies \ @grayruby 22 Dec 2023 \ on: Sell bitcoin to pay off debt ? Personal_Finance
Depends on your income, how secure you are in it, and your ability to meet your debt obligations. If you can easily make debt payments I wouldn't sell bitcoin to pay off debt but if you are struggling to make ends meet and missing payments maybe you need to consider it.
write
preview
this territory is moderated
60 sats \ 0 replies \ @boisechampion 22 Dec 2023
Well said.
reply
20 sats \ 0 replies \ @ChrisS OP 22 Dec 2023
The scenario I am considering is all income and savings are in Bitcoin and there is no struggle to make ends meet. And from a strictly best financial decision point of view I agree holding the Bitcoin for as long as possible is the best strategy. But to avoid an admittedly small change of worst case scenario where Bitcoin stays lower longer and now I am struggling with the debt, It might be prudent to pay the debt of quicker if given the chance even if it is the “wrong” economical decision. Basically lose some upside gain but avoid any worst case scenario situation.
reply