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Financial Advisers Pitch Bitcoin to Investors to Offset Portfolio Losses

Financial Advisers Pitch Bitcoin to Investors to Offset Portfolio Losses



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3 Comments

  1. > Investors can buy bitcoin, ether and other cryptocurrencies through their broker. If cryptocurrencies fall by a certain amount, the accounts are set to automatically sell the digital coins, generating a taxable loss that can be used to offset other investment gains. The accounts then buy the coins back in a short time for around the same price or even less.

    can someone explain why that isn´t a stupid move?

  2. They are taking advantage of crypto’s volatility. You sell and then you buy the same crypto when it goes down to register a loss. Your crypto position doesn’t change but you have a loss amount you can claim across your asset portfolio.

    If crypto continues to grow and doesn’t register a loss, you still win.

    I believe UK tax laws have protection against this abuse by setting a 30-day limit between sell and buy transactions to register capital loss.

What do you think?

What is the difference between these two fields? I just want to anonymize my BTC, that’s ALL. So I obviously only have ONE public key to share here. Is it ok to enter the same key twice?

Snowden on Bitcoin recently