Quote:
|
Originally Posted by iDumb
that's a good summary. Basically your TFSA is our roth ira. and your RRSP is our 401k.
But that's my question. Why do you have to buy it in TFSA. Why not buy directly via the exchange - like someone would buy in a taxable account? You just pay the tax on gain. What's wrong with that? I rather pay the tax and have direct access to crypto. what am I missing?
|
It’s easy our tfsa allows easy withdrawal any time and did I mention that it’s completely tax free? Even with the etf fee associated with bitcoin etf, the fact we don’t have to worry about any gains tax. Unless you maxed out your sheltered account why pay any capital gains tax when you don’t need to. Besides at this point unless you prefer to do direct transactions with bitcoin there isn’t that much incentive holding actual bitcoin. Another thing is the crypto wallet places sometimes were shady. Back in 2018 many of these wallets completely disappeared eg quadrigacx. I feel good knowing my assets won’t just declare bankruptcy in a day.
I prefer miners on the short term to capitalize on the price movement. For me being vested by thinking long term but calibrating every often seems to have been working for me. For me I think what’s more crucial is investing on the main ideas(EV sector, crypto, biotech). The returns will pay for itself. I strongly believe this decade will be played out in EV and crypto. These two are huge ideas as to the total impact on a grand scale and on the long term being invested in them should reward those that have that long term vision.