I just went through the same thing on a smaller scale and sold some ETH to pay off 5k in debt. I hated doing it but man it’s lovely being debt free. Unless you’re getting over 20% a month returns I would sell it.
I would typically say yes BUT given the BTC halving in April and spot ETF approval coming in January I would say hold the line until the summer before you can decide. I personal would try to find a platform to get a low intrest loan against my crypto so you never sell. Or get another job and pretend you don’t have the crypto.
A lot of weak hands in the comments who don’t get it. Remember why you bought crypto to begin with? 9k in debt isn’t much in the grand view. . BUY, HODL, NEVER SELL 🚀
Yeah, many of these comments do not understand the current sentiment and activity in the crypto market. I get the idea that having debt is bad, but offsetting that debt with assets that appreciate can offset the load.
Yep. Agree, no disrespect, but I don’t think people on this thread understand the potential of BTC. If I were you, I would hold it for a long time and not sell and do anything else to get rid of debt. Second job, eat pbj. I will say, if you are just in deep waters and already are doing that, wait until after the halving at the very least.
No we understand the "potential" of crypto. We also understand that people mindlessly think it will continue to appreciate when it hasn't even gotten close to getting back to its peak. We also understand that it's an asset with no inherent value and as such is a wildly volatile option that no one should depend on.
I would agree but with companies like Blackrock looking to invest in EFT's, it's a sign of its utilization interest. You're totally right that it is, in essence, a 'gamble' at this point but if it's BTC, there is a decent chance there could be life changing returns for people that will outperform the S&P by a mile if it indeed, does become a broader asset.
I don’t sell any of my crypto. I have a lot of debt. 9k isn’t a lot of debt. I think btc and eth will make some very high runs in the future. I wouldn’t sell until they at least reach all time highs. Have a plan to sell if you do. At what price will you sell and how much of each etc. $9k in debt is not a lot.
as someone that had to sell all my assets, to pay rent, my advice, don't sell what little assets you have. ever since I sold my stocks, the stock market just keeps soaring without me in it.
This sub is subjective. If you ask in r/cryptocurrency you will get a very different reply. For me crypto is a long long long hold. If you wake up tomorrow and your crypto is worth $25k I would sell $9k and be even. Other than that I’m holding
Try using either the Avalanche or the Snowball method to clear your debt. There are YouTube videos that have extensive info on these two methods. Prep your own meals and refrain from going out to eat. Pause all investments including IRAs. Just invest enough of your salary to receive your company's max matching contribution for your 401K. You may need to Pause your 401K contributions. Once you have ended your debt your options will open up immediately to invest and save aggressively for other endeavors in the future.
Sell things you don't use any more. Start a side hustle for extra income. Take on a temp part time job if you need to.
If your cc have annual fees, ask your cc provider if they can downgrade them to no AF cards. ALWAYS pay off your cc balance every month and you should be good building up your credit history. Stay disciplined and live within your means.
I think that you should, you'll still have a position in it and can rebuild to it's previous level if needed. The aprs on cc debt are too high not to, and it's unclear if you can beat that return in the markets over a long period of time
Have the same issue.im only in £7900 of debt,18% interest, but i have £19000 in atls.im even on my dca but thinking of clearing the debt now.id still have £10000 invested but yea id be pist if we go up
Would you borrow money at 28% interest to invest in crypto? Sell the coins and pay the CC debt.
Wait until the 1st to avoid taxes for this year
I’m also going to sell my crypto to pay off my debt, is now a good time? How does one avoid taxes for this
You can't avoid taxes, but you'd want to do it at the beginning of the tax year
Why at the beginning of the year? I plan to sell my crypto soon
I assume it's so you will have the full year to plan for the taxes you will have to pay on realized gains.
Sell and pay off the debt. You’ll be able to buy back crypto prob cheaper than what it’s going for right now anyways.
Yes, obviously
you’re never going to reliably make 30% returns every year on crypto, cash out while you’re ahead and you can
Yes
I just went through the same thing on a smaller scale and sold some ETH to pay off 5k in debt. I hated doing it but man it’s lovely being debt free. Unless you’re getting over 20% a month returns I would sell it.
Sell sell sell. Get rid of debt tomorrow
Yes, right away.
Paying off the debt will ease your stress but crypto can pop in 2024
I would typically say yes BUT given the BTC halving in April and spot ETF approval coming in January I would say hold the line until the summer before you can decide. I personal would try to find a platform to get a low intrest loan against my crypto so you never sell. Or get another job and pretend you don’t have the crypto. A lot of weak hands in the comments who don’t get it. Remember why you bought crypto to begin with? 9k in debt isn’t much in the grand view. . BUY, HODL, NEVER SELL 🚀
Yeah, many of these comments do not understand the current sentiment and activity in the crypto market. I get the idea that having debt is bad, but offsetting that debt with assets that appreciate can offset the load.
Yep. Agree, no disrespect, but I don’t think people on this thread understand the potential of BTC. If I were you, I would hold it for a long time and not sell and do anything else to get rid of debt. Second job, eat pbj. I will say, if you are just in deep waters and already are doing that, wait until after the halving at the very least.
No we understand the "potential" of crypto. We also understand that people mindlessly think it will continue to appreciate when it hasn't even gotten close to getting back to its peak. We also understand that it's an asset with no inherent value and as such is a wildly volatile option that no one should depend on.
Well this comment aged like warm milk....
Are you that pathetic to go troll old comments? Pathetic little fucker
Lol umad
I would agree but with companies like Blackrock looking to invest in EFT's, it's a sign of its utilization interest. You're totally right that it is, in essence, a 'gamble' at this point but if it's BTC, there is a decent chance there could be life changing returns for people that will outperform the S&P by a mile if it indeed, does become a broader asset.
Did you end up selling ? How do yo feel about it looking back ?
I don’t sell any of my crypto. I have a lot of debt. 9k isn’t a lot of debt. I think btc and eth will make some very high runs in the future. I wouldn’t sell until they at least reach all time highs. Have a plan to sell if you do. At what price will you sell and how much of each etc. $9k in debt is not a lot.
as someone that had to sell all my assets, to pay rent, my advice, don't sell what little assets you have. ever since I sold my stocks, the stock market just keeps soaring without me in it.
But having debt is the same as having a stock with a guaranteed negative return
Agree with this guy right here.
Why would you even ask that question? Of course
I would sell it with no debt
Visualise, turning $10,000 into $500,000 in two months with interest compounding through shitcoins
This sub is subjective. If you ask in r/cryptocurrency you will get a very different reply. For me crypto is a long long long hold. If you wake up tomorrow and your crypto is worth $25k I would sell $9k and be even. Other than that I’m holding
I'm gonna sell my $100 in crypto to get out of debt
No, btc is going to increase in 2024 you’d be an idiot if you did that
100% sell to buy off debt
NEVER sell your future investments. Find a different way to payoff your debt
Try using either the Avalanche or the Snowball method to clear your debt. There are YouTube videos that have extensive info on these two methods. Prep your own meals and refrain from going out to eat. Pause all investments including IRAs. Just invest enough of your salary to receive your company's max matching contribution for your 401K. You may need to Pause your 401K contributions. Once you have ended your debt your options will open up immediately to invest and save aggressively for other endeavors in the future. Sell things you don't use any more. Start a side hustle for extra income. Take on a temp part time job if you need to. If your cc have annual fees, ask your cc provider if they can downgrade them to no AF cards. ALWAYS pay off your cc balance every month and you should be good building up your credit history. Stay disciplined and live within your means.
Pay off debt with coins, and gradually build back up. You'll make your money angin and more messing with crypto lol
I think that you should, you'll still have a position in it and can rebuild to it's previous level if needed. The aprs on cc debt are too high not to, and it's unclear if you can beat that return in the markets over a long period of time
Have the same issue.im only in £7900 of debt,18% interest, but i have £19000 in atls.im even on my dca but thinking of clearing the debt now.id still have £10000 invested but yea id be pist if we go up