Oddbean new post about login | logout GM, ETF simps are some of the biggest pussy ass bitches in Bitcoin. ☀️🤙
“In bitcoin” seems like a stretch. Adjacent to?
EVERYONE IS IN BITCOIN. SOME JUST DON'T KNOW IT YET
Adjacent to the real ones using Bitcoin for grey market or non-violent black market activities.
Agorism ftw
We have had ETFs in Canada for a few years. Feels pretty good to max out the Tax Free Savings Account with BTC to be honest.
That's the thing. You aren't maxing it out with BTC. You're maxing it out with fiat that is tied to the price of BTC that you don't control.
Your pension is fiat either way. If you have the choice, why not have it as fiat tied to BTC? You can't have a self-custodial pension so you pick the lesser evil.
You'd probably be better off eating the taxes and buying actual Bitcoin in the long run. Only time will tell.
It is true that self-custody Bitcoin is obviously the only "real" way to own Bitcoin, but it's nice to be able to invest without taxes for the money I leave in fiat. I'd rather have it tied to BTC than tied to inflationary fiat currencies. The rest, ofc, goes to buying actual Bitcoin.
Wait, it IS a fiat currency. Tying a fiat currency to the price of something else doesn't just negate the fact that you have fiat currency. You don't hold it, you don't own it. You own a fiat IOU. You've also created a false dichotomy that is really only one option. Buy fiat ETF that is only tied to Bitcoin price or fiat in some other fiat instrument. That's still just fiat. The alternative is eating the taxes and just buying actual Bitcoin. You're risking 100% to 'save' 30%(?) instead of directly controlling an asset that is expected to increase in the 1000s%... You do you. Someone has to fill the honeypots when the beasts need feeding I guess.
I do both. But why not fill the tax free account with ‘bitcoin’.
Because you're just filling a potential honey pot with empty fiat for relatively small tax 'savings?' What will you have saved if they decide to nationalize 'your' account? You do you, but 30% or whatever in taxes isn't worth it to me. I'd rather control my assets and not feed the starving beast when the time inevitably arrives. The US has a history of doing exactly this with gold and Canada doesn't exactly have freedom bells ringing either.