Best way to exchange cryptocurrencies to goldmoney stocks?

Hey, I am a 22 year old who turned 1.5k (all I had on my bank) into 800k in the last 6 months by cryptocurrency altcoin moon missions. Now I want to put 400k to rest in goldmoney stocks so I can focus on other things in life. I live in Belgium. Wut do?

Comments

  • arsenearsene Posts: 2 Tin ✭
    I fear a bleep ton of taxation if I simply sell my bitcoins to euro's on coinbase, put it on my bank account, send it to DEGIRO.be (broker), and buy goldmoney stocks. Any other ways around?
  • paddy10tellyspaddy10tellys Posts: 244 Bronze ✭✭✭
    @arsene Isn't degiro customer service even worse than GM's? (I know that might seem hard to conceive, but it is important to consider)
  • RandianZealotRandianZealot Posts: 21 Tin ✭
    Fund your GoldMoney holding with bitcoin. Redeem the funds to your brokerage account. Buy GoldMoney stock. Errrr.....I guess that creates the same problem, right? I don't see how you're going to get around the tax issue. I would just fund 400k worth of Bitcoin into your GoldMoney holding and buy gold with it. This would allow you to take some profits off the table. But I realize this isn't ideal because you probably think GoldMoney stock will outperform gold since it's close to that C$8.00 point of resistance, right? Yeah, I see your point.
  • IrishGuyIrishGuy Posts: 149 Bronze ✭✭✭
    I know this might sound crazy but why not just pay the tax on it and be done with it.
    This is one of the problems with bitcoin easy in not so easy out. You will still have made a handsome profit on initial investment.
  • SecretsSecrets Posts: 55 Bronze ✭✭✭
    edited December 2017
    Yes, to advance IrishGuys point, the tax will not be as bad as you imagine. In most countries Capital gains are taxed at a lower rate than income and in Belgium there is no capital gains tax or speculation tax so Bitcoin right now could be tax free for you. At worst it would be 33% as income tax. Best to talk to a local Tax specialist and take advantage of this before the Belgium Govt change the rules and define what type of asset Bitcoin is and what type of tax would be payable there.

    I was seriously considering buying property in Belgium for this reason some years ago. No tax on Rental income and no tax on the cap gains is a sweet deal.

    As for the best way to exit, I would choose the route with the least chance of ending up with a frozen bank account. Cash out through Coinbase, clear it with your bank before you do the transfer, explaining where the money came from and make sure they are willing to accept the transfer. Then talk to the broker and make sure they are on board too. You will likely need to provide records of all your trades to ensure that the coins were not stolen in some scam. If you don't do this you stand a very high chance of having the funds frozen the second you deposit them anywhere. This is also the reason Goldmoney only uses freshly mined coins for its storage so as to negate the risk of a Govt freezing them as proceeds of crime.
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