How To Retire In 5 Years Using Bitcoin
Today Mark Moss dropped a video on his YouTube channel about funding the rest of your life with Bitcoin. Mark has 693K subscribers and this video has about 40K views in 6 hours so lots of people are learning about this. You should too! I'll give you my summary.
Most people can't retire with enough money in the current system of working 40 years and saving some of what you earned.
Rich people have a different way to make money. They buy assets that appreciate in value and borrow from them to buy more similar assets.
Bitcoin will be in the hockey stick part of the S curve from this year until 2030 so we'll be the largest pumps yet and prices could go over $1 Million per Bitcoin.
Stack as much Bitcoin as you can buy buying dips or dollar cost average.
In 5 years, borrow against your Bitcoin. You still can realize future Bitcoin gains but you will have liquid assets (cash) to live off of. Also taking a loan may not be a taxable event, unlike selling Bitcoin in which your gains may be taxable.
Here is the video if you want to watch it. You'll spend over 20 minutes on it but it may be well worth it!
Source:
How To Borrow Against Bitcoin
So how can one get a loan on their Bitcoin so they can get liquid assets such as stable coins which can be converted to dollars?
First, why would you do this? Again as stated in the video, when you take a loan on your Bitcoin you'll still be in the game if it keeps going UP, and you will have be able to use what you get from the loan maybe without paying taxes on it.
One way to get a loan on your Bitcoin is via Coinbase. If you have some Bitcoin there, you can get a loan as described on their website: https://www.coinbase.com/loans
Basically you get the loan in USDC, a stablecoin, and your Bitcoin is sent to Morpho as cbBTC. You will only be able to get a loan for up to 86% of your Bitcoin's value. You will pay an interest payment at a rate which changes all the time and is currently around 3%. See more at https://morpho.org/
Not Financial Advice!
As always, nothing here is financial advice. This is my understanding of what I saw in a YouTube video. My passion is bringing YouTube videos to a larger audience and giving short reviews on their content. I am not your accountant, financial advisor or lawyer. I am simply reviewing information I found online. Do Yer Own Dang Research!
My Activity
today started with taking a relative to the dentist for some routine work. After that I did stuff around the house and made sure to perform some exercise snacks as I have written about recently. I did high knees and squats.
At night I took my usual walk. It was in the upper 60s so I put on the hoodie. I took a medium long route and achieved over 8K today.
Have a Great Friday Everyone!!! ❤️❤️❤️❤️❤️
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One needs to be pretty careful in playing those crypto tricks because governments are not happy not to know anything on you and might tax you to death or such, to cash out crypto here you pay 20% taxes on it
I'm not aware about the loans. I'd love to consider it.
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BEER.This approach to funding your future with Bitcoin and strategic borrowing is a game-changer.
Unlocking wealth without selling your assets and potentially minimizing taxes is surely a way to go financially.
While this approach offers exciting possibilities, it’s crucial to understand the risks involved and stay informed.
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It's exactly like this, if we are smart, we can earn as much money in just five years as we earn in our 50 years of service. We just need to understand a few things.