7 strategies to make money with crypto now.
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Today I wanted to talk about the top 7 crypto tips to make money today. These are just some of the things I wish I knew before I bought 6 Bitcoins in 2014 at $600 and sold them all at a 50% loss to buy myself a drone.
Let’s also say you bought Bitcoin but you’re down $3,000 on it. In this example we’re going to sell up to $3,000 worth of losses so you’re doing what’s called “realizing” those losses right, it’s not just on paper, you’re actually going to sell.
Now you can write off up to $3,000 of those losses and subtract that from your annual income assuming you had no other capital gains. Now if you have losses of more than $3,000 then you can carry over the spillage into the next year, and the next year and so on and so forth. The higher your income is, the more this will start to benefit you and once you get into the highest tax bracket of 37%, you save the most amount of money possible.
Once you sell your investment at a loss you can then immediately buy it right back. And what’s interesting about this trick is that it’s technically not allowed if you were doing this with securities. Here’s what happens if you do this with stocks and break the wash rule.
You won’t be able to write off your losses and instead the new purchase will be added to your cost basis.
The best cryptocurrency to buy and hold for life, out of all the hundreds if not thousands of different ones are the blue chips. The two bluechips are Bitcoin and Ethereum. When I say best, I don’t mean the one that will make you rich the quickest. When I say best I mean technology that’s been around for longer than a few years, withstood the test of time, countless narrative and technological attacks, and still survived to made people money.
The cheapest place to buy your crypto. Even though Robinhood is technically the