Why You Should NEVER Sell Your Cryptocurrency | Take a Loan Out Instead

Never sell your crypto. What is goodie, my people? We are back again with another gem, you know what I'm saying? Listen, this video right here, this is, this is something you're not going to want to tell Uncle Sam, but this video is going to help y'all save a lot of freaking money with your crypto gains, you know what I'm saying? So boom, taxes, we all hate them. I, I personally, I wasn't familiar with taxes around 2, 3 years ago. I did not know what the heck taxes are. People don't really talk about taxes because nobody likes taxes, but I learned very quickly how much I freaking hate taxes the past 2, 3 years, somewhere around there. Well, last year I had to pay a very, very, very, very, very large sum of money because I did not have my stuff set up correctly. So I had to pay a very large sum of money in taxes, and ever since then I've hated the sight, smell, feel, taste— sight, I said that already. Sight. Sights of freaking taxes. But good thing for you guys, I am here to help you guys not have to go through that pain on all of your crypto gains, because we do know— if you did not know, you do unfortunately, very unfortunately, have to pay taxes on the gains you've made in crypto. But I'm going to show you guys a legal workaround where you will not have to pay taxes and still be able to cash out on some of your cryptocurrencies. Now let's start this video off with me saying I'm not a financial advisor. I'm not a CPA, I'm not a lawyer, I'm not a— I'm not a— I'm not none of them. We're just friends, you know what I'm saying? I'm trying to put y'all on game, trying to help y'all save as much money as possible so y'all can create a better future for yourself, your family, your friends, whoever the heck you want to make a better future for. I'm gonna help y'all do so. So boom, if you did not know, crypto investing is treated the same as any other type of investing. Let's say stock investing, uh, really any other type of investing, right? So if you make any gains on your crypto investment, you're going to have to pay taxes on it when cash out and turn your crypto into moolah, the things that we could spend on an everyday basis. If you do not know what capital gains tax is, it is another word or words that you're not gonna like, promise you, you're probably gonna hate it, but it's basically the act of you getting taxed for the profits that you made off of your investment. So let's say you put $1,000 into Bitcoin and then this $1,000 turns to $10,000. You would now get taxed on the profit you made, which is $9,000. So let's say capital gains taxes can really vary from a lot of different things, whether it's how much money you made, how much profits you made, comparing how long you've held each investment. The longer you hold it, the less taxes you actually have to pay. It's past the 12-month threshold. So if you hold taxes for less than 12 months, you're taxed short-term capital gains versus if you hold your investments or your crypto or your stocks, whatever it is, after a 12-month period, you're taxed long-term capital gains, which is a little bit less percentage, so you have to pay a little bit less in taxes. But I'm going to show you guys how you guys can still get money from your crypto without having to pay taxes at all. So like I was saying, capital gains tax can vary from literally like, I believe, 10% up to above 30%. Now you might be saying, what the heck does that mean, right? I'm going to break it down to you in ways that will make you absolutely hate taxes. So let's say you made $10,000. Let's say you get, um, sorry, let's say you have $1,000 and your investment turns into $11,000, just for simple numbers. You made a profit of $10,000. That $10,000 profit would be taxed the capital gains tax. So let's say the capital gains tax for that bracket right there is 30%. You're going to get taxed $3,000 off of that $10,000 you made. You risked all of your money investing in this cryptocurrency or the stock, whatever it is, and the government has the audacity to go ahead and just take 3%. I mean, sorry, not 3%. I wish it was 3. If it was 3%, I wouldn't be making this video. 30 freaking percent. You risked all your money and the government says, oh, where's my cut at? When you, when you finally get a good cryptocurrency profit, you know what I'm saying? But this is how we're going to combat that. Taking loans out against your cryptocurrency. All right, boom. So let's say you're in a tough spot, right? Let's say your girlfriend wants to go on vacation, but you don't get paid for another month. You only get paid once a month. You have no liquid cash, you have no cash in your bank account, or well, you don't have enough cash to pay for that vacation in your bank account, but you got $50,000 sitting in your Coinbase account or your Nexo account or your BlockFi account or Celsius, whatever it is. You want to take the money out so you could take your girl on the trip, and you don't know if you wait another month if that trip will still be available. So you're like, okay, how do I get money out of my crypto wallet without it triggering a taxable event? Because once it triggers a taxable event, you will have to pay taxes on it, unfortunately. So how we work around that is using your crypto as collateral to take out a loan. There are many different programs or websites that allow you to do this. One that I've spoken about and I actually use myself pretty often is a program or website called Celsius. It's an app as well. You guys can go on it. You can use my link inside the description and you'll get $40 if you deposit money into there. But it allows you to take a loan out against your cryptocurrency. And what I mean by taking a loan out against your cryptocurrency and using your cryptocurrency as collateral for a loan, it basically means if you hold $10,000 worth of Bitcoin, it'll allow you to take a loan off, um, a loan out based on that amount of cryptocurrency. Now All these websites like Nexo, BlockFi, Celsius, all these different websites that allow you to take loans out on them have different percentages as far as interest rates, as far as how much you can take out compared to how much you hold in your portfolio. All of them vary. So really, to find the one that fits you, I would suggest you do research on it. But I personally use Celsius. I know Celsius works. I haven't used any other one. It's worked for me. They have pretty good rates. They treat me good, pretty well. So if you guys want to check them out, like I said, use the link inside my description. But like I said, it all varies. But let's say you have $10,000 worth of Bitcoin. They'll let you use that $10,000 worth of Bitcoin as collateral to take out maybe $6,000 or $7,000 liquid cash. And how it works is they'll lock up however much you take. So they'll lock up $10,000 worth of crypto inside your wallet, and then they'll end up depositing either US dollar coin, or they'll send money directly to your bank account., and you would then have to pay off that loan in the later end. So once you get that check that you've been waiting for in a month, you go pay it off and you still are holding on to your cryptocurrency. There are many different, um, pros for this. You don't lose your cryptocurrency, you're still holding on to that value. Let's say Bitcoin shoots up in price, you're only paying back the value of how much you took out. So even if Bitcoin goes up 30%, you're still only paying back $10,000 or however much you took out. So you're still holding your cryptocurrency, you're not missing out on any gains, you don't have to pay tax taxes on it. It's also a type of loan that you're not going to go bankrupt for. So let's say you take out a loan regularly at the bank for a house or whatever it is. This money is money you got to pay back and it's money you don't have right now. With cryptocurrency, well, with using your crypto as collateral for this loan, you're using money you already have. So worst case scenario, you're not going bankrupt, you're just going to end up losing that crypto that you already had. It's already your money. You already have enough to pay off this loan. It's just you're taking out some right now so then you have more time to— or you'll be able to get paid with your crypto without having to trigger a taxable event, if that makes sense. I hope I didn't make that sound too confusing. I feel like I was just talking very long for the past 3 minutes. Another great thing about using your crypto to take out a loan against your crypto Did I say that right? I don't freaking know. But another great thing about this whole process is it's very simple. It's not like when you're going to the bank and you have to prove all this different stuff. You have to prove how much money you make, you have to prove you can pay them back, you have to prove you're reliable, you have to have a good credit score. You don't have to have any of this for taking out a loan against your crypto because like I said, you're using money that you already have. You're just not using that actual money. If that makes sense. But you don't have to go through checking your credit score. Your credit score could be absolutely horrible, but because you already have crypto as collateral, they do not care about your credit score. So these are a couple platforms that you guys can check out. My top 5 would definitely be Celsius, uh, BlockFi, Nexo, Crypto.com, CoinLoan. I would check out those 5 right now. You can obviously find other ones, but those are just the top 5 that came at the top of my head literally right now as I'm making this video. I should have wrote down 5 of them, but I think that'll do. So summing all of this video up really quickly, never sell your crypto. There is no reason to sell your crypto unless you really, really, really, really, really, really need the money and you want to get out the game forever. But if you are a hodler, if you're in it for the long run and you don't want to miss out on any gains but you still want to be able to use the money that you've made in crypto to take yourself out or to go on a vacation or whatever, take a loan out against it. Do not sell your crypto. HODLing always wins. This is not financial advice. If you want to sell your crypto, go ahead, it's up to you. I'm just trying to help you not pay taxes and still enjoy your crypto money, you know what I'm saying? But if you guys enjoyed the video, make sure you leave a like right like a like right now. Hello, what's going on? I sound like Scooby-Doo. Please leave a like right now. Okay, anyways, if you enjoyed the video, leave a like right now. Now, see, if you have any questions, feel free to DM me on Instagram right over there, @jubra. DM me any questions you have with the whole loan process, uh, really any questions at all. I always be— I'm very open to, um, answer you guys' questions, especially about crypto or forex or binary options trading, or really business, literally anything. I love those type of DMs. So make sure to DM me. You can become best friends. You can help me make money. I can help you make money. We can all just be billionaires together, you know what I'm saying? But, uh, good luck on all your trades. Good luck on all your business adventures. Good luck overall, man. I'm gonna see you on the next video.