Found Bitcoins I thought i'd sold years ago. WWyD

[TheWhalrus]

Hi folks,

Not coming on here to gloat or anything...i'd like some anonymous advice on a genuine dilemma. I apologize in advance for posting something about a large sum of money when many are struggling financially just now.

So, about 7-8 years ago I used bitcoins as a way of converting money from Japanese Yen to UK pounds. At the time I was working in Japan and the banks all charged crazy money to convert to pounds, so i bought bitcoins with yen and sold them for pounds instead. This was back when bitcoins were worth about $500.

Anyway, I was checking the hardrive of a laptop i've had since then, and found about 2.5 bitcoins (BTC) that i didn't sell (I was sure I sold them all). If i sell these now, I would likely get more than £100k for them.

Moving forward to my current financial situation, we're reasonably comfortable and have two white collar incomes and a small child. We might well buy ourselves a house in the next five years (we live in Germany where renting is much more common) and currently rent a reasonably comfortable flat in a nice-ish area for an affordable price. I also have some inheritance and other savings, so could pay a fair chunk towards the house without having to sell the BTC if I don't want to.

I should also add that i've not told DP about this yet. I intend to, although i'm still not sure when and how. She probably won't approve and will insist I sell them immediately.

With this in mind, should I:

a. ) Tell DP and insist on not selling the BTC now, but maybe sell them when we want to buy a house.
b. ) Tell DP and sell them at a time of my choosing
c. ) Tell DP and sell them now
d. ) Not tell DP and sit on them until we really need the money for something else or otherwise retire early (if current value projections are accurate).
e. ) Keep them for DD.
f. ) Giver the lot to charity and forget about it.

At the moment i'm minded to keep them. The initial investment on my part was definitely money I can afford to lose, so I feel I might as well keep them at least until we buy a house, and possibly longer than that even.

All opinions welcome here.

I’d definitely tell DP.

One thing to consider is perhaps selling off some - the benefits of Bitcoin are that you don’t necessarily have to sell off a “whole” bitcoin.

Consider selling some while it’s high to get some fun money to spend on something your DP and you agree on (whether that’s splurging, investing elsewhere, or donating). But you could keep the bulk invested for when you have something more concrete to do with the money.

Don’t forget to account for any tax implications (not sure what Germany’s like for Capital Gains?)

C

I would sell half or maybe 1.5 of them and leave the rest for the long term.

Would also tell partner.

@Dyrne

I’d definitely tell DP.

One thing to consider is perhaps selling off some - the benefits of Bitcoin are that you don’t necessarily have to sell off a “whole” bitcoin.

Consider selling some while it’s high to get some fun money to spend on something your DP and you agree on (whether that’s splurging, investing elsewhere, or donating). But you could keep the bulk invested for when you have something more concrete to do with the money.

Don’t forget to account for any tax implications (not sure what Germany’s like for Capital Gains?)

I think in Germany as long as you've had the coins over a year you dont pay any tax?- but I'd check that

Sell them before the prices crash or somebody comes along and fraudulently gets access to them. The crypto world is unregulated and full of crooks.

@Dyme This is a good point about tax. According to the advice I have, if I can prove i've held the BTC for longer than a year, I don't have to pay tax (seems a bit backward and i've asked an independent advisor to verify this).

@Viviennemary Indeed, this is a strong argument for selling now. I feel a bit bad to be benefitting from something that, although legal, is often used for illegal purposes and also isn't great for the environment.

I am sceptical of financial bubbles, so I would sell them now and accept the bonus for what it is - good luck that the value has risen. You can then donate some cash to charity if you minded, secure future for DD etc.

If you wait Bitcoin values might fall a lot.

Definitely tell DP. It is a family asset.

I would hold on personally and not sell them yet. I'm holding on to mine.

Selling half and putting aside for your DDs future sounds like a good thing to do, I don't know about anywhere but where I live but that could almost buy her a flat to live in here.

I think you've got to tell her, and then work out what to do together.

Imagine if the Bitcoin market crashes in the future and you've been secretly storing them - you would be inexplicably sad around the house for a while (and also kicking yourself for not selling up).

What a nice surprise! I’d tell DP and sell all. You’ve made a massive profit so I’d bank that to guard against losing it through a drop in prices.

I'd personally sell half of them and tell DP. They're expected to peak in a few months but on the off chance they don't, you won't feel like you've lost too much. You need specialist tax advice before you sell. Here in the U.K. there is capital gains tax to pay. We used about 50k from Bitcoin towards our house and it was much much easier because we filed the right paperwork. We were open with our solicitor about money coming from Bitcoin (a red flag for money laundering) and he immediately relaxed when he saw we'd declared it and paid taxes.

İ would just sell most of it and leave a little bit in there to see if it grows. You'll have a lot less stress once you've sold it.
You don't have to decide what to do with it straight away, you can just put it into savings where it will be safe and have a think.

I wouldn’t sell anything yet, have you checked Bitcoin’s forecasts? It’s predicted to rise a lot higher than it is now.

@Sweetchocolatecandy

I wouldn’t sell anything yet, have you checked Bitcoin’s forecasts? It’s predicted to rise a lot higher than it is now.

Surely bitcoin are never going to forecast that their cryptocurrency is a bad investment though?

sell them now, speak to an ifa and don't tell dp (just yet)

If you don't need the money now, I'd wait till the next halving in 2024.
But if you do want the money before 2024, then we are currently at ATH prices and it's a good time to sell. Imo anyway.

I would sell and bank the gain.

Hold at least until 2025 and the next halving + a few months

@Gladioli23 bitcoin isnt a business or a company.

It doesnt have spokespeople that are saying their investment is going to increase in the future.

You should tell your DP regardless whether you're selling or not

@Gladioli23 the forecasts are from financial experts and analysts, not Bitcoin themselves.

I'd sell them because I think of the bit coin world as a bubble. (Though do still regret not buying one for novelty value when a trendy local cafe sold them in a dispensing machine for £15 each!)

Sell sell sell
It’s pretty high at the moment
What luck