According to a currency converter, the ratio of AED to USD, and the ratio of BTC to USD, the price of Bitcoin in AED should be 97632, but on Kraken, it’s 72227. That means I could sell all of my Bitcoin for GBP, convert to AED for near zero loss with my bank, then buy back 35% more Bitcoin with AED. Seems too good to be true. Why isn’t everyone doing that? What are the gotchas?
Downloaded the app. Signing up. May try a small amount as a proof of concept.
I suppose it’s possible I could incur tax. Any UK accounts out there? I believe that to sell something and by it back within 30 days or so is fine, but what if I go through an intermediate step?
Ah, I’ve found the catch — Kraken won’t let me deposit AED!! 🤷🏼♂️
And the chart looks weird, which I guess might mean that liquidity is an issue. OK, so maybe it’s not a get Bitcoin-rich quick scheme. Shame. Could have sold X Bitcoin, bought back 1.35X, sold it, bought back 1.8225X, sold it, bought back 2.46X etc.
Binance accepts AED but doesn’t have a BTC/AED trading pair! Typical.
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