Reply to: Can you put Bitcoin in an ISA?

[LucidDementia]

Why put it in an ISA when you can wrap it and get 15% staking on Beefy?

[LucidDementia]

Yeah if you only put a grand in something ultra speculative, you have to do REALLY well to have CGT problems

A grand put in the day Trump took office would be £50,000 today.
Slightly higher in fact.

[LucidDementia]

If you have sufficient BTC such that you are committing tax evasion DON'T PUT IT IN YOUR OWN ACCOUNT

like I said. The platform is a dream for money laundering. So why go and ruin that.
If you have less than £10k to realise then that's under the CGT limit so fine crack on.
Or take £10k a year.
Or put it somewhere invisible.

How in the name of all that is holy is an immutable distributed ledger a dream for money laundering?

It's awful for money laundering.

You'd know that if you tried to find out what it is.

[LucidDementia]

Bitcoin fell over 20% in the past 6 days from a high of $40k to under $32k.

For something with a market cap of over $0.5T, it's ridiculously volatile.

Only in the short term. Bitcoin moves in 4 year, pre-programmed, very predictable cycles.

[LucidDementia]

https://twitter.com/breakingmkts/sta...90794763894785

TREASURY NOMINEE YELLEN SAYS CRYPTO CURRENCIES ARE OF A PARTICULAR CONCERN FOR TERRORIST FINANCING, MONEY LAUNDERING


What does that mean? UK, USA, EU will treat hodlers as terrorist funding criminals at some point soon...

It means buy more.

[AtW]

can't buy any more with H-L.

I wonder why is that

[psychocandy]

Used to be able to but not any longer....

I bought a load of bitcoin and eth pension funds and also opened an ISA.
Did very very well out of them. Made about £20K pensions funds and about £1k on the ISA.

Can keep it but can't buy any more with H-L.

[Lance]

Yeah if you only put a grand in something ultra speculative, you have to do REALLY well to have CGT problems

exactly my point.
So why do you need an ISA? ISAs are for safe long term savings not speculative gambling on a bubble.

I did OK. I put £600 in in 2013 and cashed out £10k when it got to around $16k per BTC.
Yes I wish I'd hodled. But hindsight is always a good gambler.

[d000hg]

Yeah if you only put a grand in something ultra speculative, you have to do REALLY well to have CGT problems

[Lance]

"Why is this money in your account" seems a reasonable query to me.

If you have sufficient BTC such that you are committing tax evasion DON'T PUT IT IN YOUR OWN ACCOUNT

like I said. The platform is a dream for money laundering. So why go and ruin that.
If you have less than £10k to realise then that's under the CGT limit so fine crack on.
Or take £10k a year.
Or put it somewhere invisible.

[d000hg]

You can buy shares in Argo blockchain which is a Bitcoin miner, via shares ISA. Shares were 5p last year and this month shot up to 100p.

I was wondering about that sort of thing, although presumably the shares are not directly linked to the BC they own/create.

[d000hg]

not if you don't declare it. How they gonna know you've got it?

Anyone filing an SATR is liable to audit, and I assume anyone running a Ltd is liable to have their personal accounts inspected for a business audit?

"Why is this money in your account" seems a reasonable query to me.

Also, I have no interest in fraud even if it's easy. Maybe especially when it's easy

[fullyautomatix]

You can buy shares in Argo blockchain which is a Bitcoin miner, via shares ISA. Shares were 5p last year and this month shot up to 100p.

[Lance]

I don't get the first part. If you'd put a grand in BC a decade back wouldn't that be a gigantic tax bill?

not if you don't declare it. How they gonna know you've got it?

And if you want to cash out enough such that a large tax bill might be a problem then you exit BTC to an offshore bank.
The biggest issue with offshore banking these days is getting the money in and out. Crytpo coins provide a route for that.

[d000hg]

Bitcoin fell over 20% in the past 6 days from a high of $40k to under $32k.

For something with a market cap of over $0.5T, it's ridiculously volatile.

That's why I'd only put a relatively tiny amount in and probably forget about it for a while.