Bitcoin is 10k again what are you going to do now?

Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes

Just curious what other investors think. Is this just another hype deal or is this a new reality for possible rent collection?

Side note, I tried to sell a house for bitcoin in 2013 with no takers or even one response.

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Terrell Garren

Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes

I'd sooner rent to a convicted felon with a 400 credit score, a tattoo on his forehead and a stolen car than deal with Bitcoin.

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Curt Riffel
Accountant · Dallas, TX · Member since 2016 · 161 posts · 75 votes
7y
Continue to HODL. It is a speculative investment that may go to $20K or to $0. It is the first crypto-currency to market and has name recognition but also has some downsides that may lead to its demise.
There is no doubt that crypto-currencies are here to stay, but it will be for the future to tell us which one has the power to stick around and be used ubiquitously as Credit Cards are used now. I wouldn't necessarily hitch my wagon to Bitcoin, but it is the largest by market cap currently.
1 Reply
Evan Paul Broussard
Rental Property Investor · Kailua, HI · Member since 2019 · 5 posts · 2 votes
7y
@Matt R. If you have Robinhood you can set limit buys and sells. I just tried it today and the surge from 10800 to 11000ish netted me about 200 after the trading fee. Its surging slot so if you time it right on the buy in (around 10800ish) and the sell (I believe in the next few days it'll steady out at 11300 based on trends last few weeks) it's not too far fetched to net 1000ish as you use the surges to your advantage. You can also buy in at percentages of a coin. For example, buy 1000 worth of coin at lower value and sell when it hits a higher value. Reinvest profit and then rinse and repeat until you have a full coin. All the projections I've seen for this place bitcoin at the very least of 25500 by the end of the bullish phase. Advice comes from a very novice crypto investor so take it with a grain of salt
1 Reply
LaVerne E.
Investor · Schenectady, NY · Member since 2013 · 2 posts · 3 votes
7y
@Terrell Garren
0 Reply
Cody L.
Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes
7y
Originally posted by @Matt R.:

Just curious what other investors think. Is this just another hype deal or is this a new reality for possible rent collection?
Side note, I tried to sell a house for bitcoin in 2013 with no takers or even one response.
I started a company to take bitcoin for rent back when it was sub $100. I'd also buy/sell it in person before the IRS started cracking down.
I only had one person pay in BTC. They paid 8.15 BTC for their $800 rent. I sold it last year for about $12k/coin. So I got about $100k from their 1 month of rent payment.
5 Reply
Jamison Conti
Specialist · Santa Barbara, CA · Member since 2017 · 38 posts · 21 votes
7y
Big believer in blockchain tech and Bitcoin! Since we are on a real estate investing site, has anyone heard of Decentraland? It is virtual real estate for a decentralized VR world.
0 Reply
Duncan Hayes
Investor · Austin, TX · Member since 2019 · 229 posts · 229 votes
7y
@Terrell Garren he’ll be trying to pay you in bitcoin lol
1 Reply
Shannon Witters
Rental Property Investor · Pleasanton, CA · Member since 2018 · 46 posts · 20 votes
7y
@Jay Hinrichs
IRS wants their piece of it. I was scrambling at tax time my CPA required I pull/provide a statement although I’m just holding no realized gains. Needed to cover her end according to irs
0 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Shannon Witters:

@Jay Hinrichs
IRS wants their piece of it. I was scrambling at tax time my CPA required I pull/provide a statement although I’m just holding no realized gains. Needed to cover her end according to irs
my question was can you just pull out basis and pay no tax I know in other real estate related projects this is not acceptable any money come back from cashing in would be spread between basis and P and L
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Matt R.
OP
Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
7y
Originally posted by @Jay Hinrichs:

Originally posted by @Shannon Witters:
@Jay Hinrichs
IRS wants their piece of it. I was scrambling at tax time my CPA required I pull/provide a statement although I’m just holding no realized gains. Needed to cover her end according to irs
my question was can you just pull out basis and pay no tax I know in other real estate related projects this is not acceptable any money come back from cashing in would be spread between basis and P and L
That is a great question. IDK. " If you are an employer paying with Bitcoin, you must report employee earnings to the IRS on W-2 forms. You must convert the Bitcoin value to U.S. dollars as of the date each payment is made and keep careful records. "
This same as dollars treatment is probably the same for selling homes. Or the tax event also occurs at conversion....idk just thinking. IRS gets theirs one way or another we know. Good luck!
0 Reply
Ryan Harris
Cybersecurity Engineer · Dallas, TX · Member since 2015 · 11 posts · 9 votes
7y
I am Pro: Real Estate, Gold/Silver, and Bitcoin. People like to ridicule what they don't understand, but when the government inflates the dollar away, or taxes whats hiding in your safe deposit box, or we do a bank bail-in like Cyprus did, THEN maybe some people will bother to read a few articles and learn about Bitcoin. ANd no you cant touch it, but you also cant touch your downloaded music and videos, nor the software running on your PC, yet they bring you value and you don't think twice about spending dollars for it. So lets think clearly. Lets learn about the asset class and why it was invented in the first place. And if a tenant wants to pay you in BTC, you'd be a fool not to take it. Dan Kennedy taught me one thing: make it easy for people to pay you. If a tenant wants to pay in BTC or any other crypto, you should let them. Covert it immediately to USD if you must. But dont bury your head in the sand or stay willfully ignorant.
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Matt R.
OP
Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
7y
Originally posted by @Ryan Harris:

I am Pro: Real Estate, Gold/Silver, and Bitcoin. People like to ridicule what they don't understand, but when the government inflates the dollar away, or taxes whats hiding in your safe deposit box, or we do a bank bail-in like Cyprus did, THEN maybe some people will bother to read a few articles and learn about Bitcoin. ANd no you cant touch it, but you also cant touch your downloaded music and videos, nor the software running on your PC, yet they bring you value and you don't think twice about spending dollars for it. So lets think clearly. Lets learn about the asset class and why it was invented in the first place. And if a tenant wants to pay you in BTC, you'd be a fool not to take it. Dan Kennedy taught me one thing: make it easy for people to pay you. If a tenant wants to pay in BTC or any other crypto, you should let them. Covert it immediately to USD if you must. But dont bury your head in the sand or stay willfully ignorant.
It is notable that this recent rise is not from the man on the street like the previous rise was and rather this came almost exclusively from institutional investors, Rothchilds peeps like that. As we can see the average retail investor is still quite negative. "Smart money" was responsible for the 10K bitcoin current comeback basically. But as far as for payment, yeah make it easy for peeps to pay you is always ideal I think.
0 Reply
Luke Hall
Rental Property Investor · Greenville, SC · Member since 2018 · 6 posts · 2 votes
7y
@Matt R. Now that Bitcoin is over $11k, I'm going to buy more real estate with cash & traditional financing 👍
1 Reply
Zeke Tessmer
Rental Property Investor · Australia · Member since 2019 · 36 posts · 44 votes
7y
Originally posted by @Ryan Harris:

I am Pro: Real Estate, Gold/Silver, and Bitcoin. People like to ridicule what they don't understand, but when the government inflates the dollar away, or taxes whats hiding in your safe deposit box, or we do a bank bail-in like Cyprus did, THEN maybe some people will bother to read a few articles and learn about Bitcoin. ANd no you cant touch it, but you also cant touch your downloaded music and videos, nor the software running on your PC, yet they bring you value and you don't think twice about spending dollars for it. So lets think clearly. Lets learn about the asset class and why it was invented in the first place. And if a tenant wants to pay you in BTC, you'd be a fool not to take it. Dan Kennedy taught me one thing: make it easy for people to pay you. If a tenant wants to pay in BTC or any other crypto, you should let them. Covert it immediately to USD if you must. But dont bury your head in the sand or stay willfully ignorant.
0 Reply
Chris Williams
Spokane, WA · Member since 2016 · 103 posts · 76 votes
7y
I see Bitcoin as the harbinger for a larger, farther-reaching economic change. It spawned an entire currency market, much of which is more stable & better-running than Bitcoin itself. For instance, several cryptocurrencies exist for use in the real estate market. They're listed here: https://cryptoslate.com/cryptos/real-estate/
I hold a little bit of one, and a couple other cryptos. Mostly to see what happens down the line.
0 Reply
Dane Osa
Investor · Mississauga, ontario · Member since 2014 · 18 posts · 2 votes
7y
I don't invest in things I don't understand. It's not for lack of trying. During the hype, I tried reading up on it but it was just too complicated. So crypto is not for me at least for now or the near future.
0 Reply
Eric Carr
Real Estate Broker · Los Angeles, CA · Member since 2017 · 655 posts · 293 votes
7y
Originally posted by @Terrell Garren:

Originally posted by @Eric Carr:
Originally posted by @Terrell Garren:

Originally posted by @Eric Carr:

Originally posted by @Terrell Garren:
Originally posted by @Luke Hadden:
@Terrell Garren
Why
Oh, I don't know. How about this.
What about it? Look back since 2009, you will see this over and over and you will see it rise higher each time.
If you don't believe in it - that's one thing. But at least make that an educated decision.
Ok, @Andrey Y. educated me and I. Bitcoin investing is speculation and I don't have the time or inclination for an IT science project to manage my checking account lol.
Kind of like Google, Amazon, and the internet. I understand, it's not something you care to research
More so like Enron, Blockbuster and Kodak.
I understand you are suspicious of it, but you prove my point. Enron would have had a very hard time hiding debt and messing with their books had blockchain been used. Blockbuster and Kodak are examples of companies that didn't adapt to tech. Kodak missed out on the digital camera revolution early on when one of their engineers who invented it, was shushed. And Blockbuster screwed it when they could have bought Netflix for $50m
How much is Netflix worth now? Speaking of Enron, blockchain and BTC where developed in response to that kind of manipulation.
For everyone else, it seems like a bad idea to hate something just because you hate it, without understanding it and really vetting it out. Seems like some of you will also react emotionally to my saying so - which is a number one rule in RE - leave emotion out
Few tips for anyone considering investing: Some of the old rules apply and many don't. Do invest in something you understand, believe in, and invest only what you can part with. Don't diversify - there are a lot, thousands of garbage coins. Don't leave your crypto on an exchange! Not Coinbase, Binance, none of them. They have been hacked. Get a good hardware wallet
Understand what you are doing and happy trading. At the moment, we are half past the $13K mark.
Anything can happen so buy if you believe. Hold long term, and don't look!
I made my choice, just giving a perspective for someone whose been around.
BTC is either going to 0 or the moon
1 Reply
Andrey Y.
Specialist · Honolulu, HI · Member since 2014 · 1k+ posts · 1k+ votes
7y
Originally posted by @Cody L.:

Originally posted by @Matt R.:
Just curious what other investors think. Is this just another hype deal or is this a new reality for possible rent collection?
Side note, I tried to sell a house for bitcoin in 2013 with no takers or even one response.
I started a company to take bitcoin for rent back when it was sub $100. I'd also buy/sell it in person before the IRS started cracking down.
I only had one person pay in BTC. They paid 8.15 BTC for their $800 rent. I sold it last year for about $12k/coin. So I got about $100k from their 1 month of rent payment.
That doesn't sound like a bubble or anything ;)
1 Reply
Harry Cuneo
Member since 2019 · 1 post · 1 vote
7y
I am a huge believer in crypto currency and it is what essentially has bought me here.
I am trying to determine my cash out plan for my crypto.
Look at the history of bitcoin on a monthly chart...
1 big uptrend if you ask me with a 80% correction every 4th year.
Play this game right and i think it is easiest money you will make in your lifetime hands down.
As for accepting rent payment in BTC, LTC, via smart contracts, I do see that it could happen in the next couple of years although it would be up to the individual receiving payments to understand and know the risk of accepting a volatile payment.
There is only .003 Bitcoin for everyone in the world im not a financial advisor but i personally think any investment in bitcoin will pay out big time over the next 2 years...
1 Reply
Andrey Y.
Specialist · Honolulu, HI · Member since 2014 · 1k+ posts · 1k+ votes
7y
Originally posted by @Harry Cuneo:

I am a huge believer in crypto currency and it is what essentially has bought me here.
I am trying to determine my cash out plan for my crypto.
Look at the history of bitcoin on a monthly chart...
1 big uptrend if you ask me with a 80% correction every 4th year.
Play this game right and i think it is easiest money you will make in your lifetime hands down.
As for accepting rent payment in BTC, LTC, via smart contracts, I do see that it could happen in the next couple of years although it would be up to the individual receiving payments to understand and know the risk of accepting a volatile payment.
There is only .003 Bitcoin for everyone in the world im not a financial advisor but i personally think any investment in bitcoin will pay out big time over the next 2 years...
An investment in Bitcoin during December 2017 January 2018 didn't pay out "big time" over the next two years.. more like "big time" loss. The only thing a Bitcoin owner can tell someone else is to buy it, so he can make money..
1 Reply
Jack Medford
Investor · Nipomo, CA · Member since 2014 · 366 posts · 401 votes
7y
@Jamison Conti Decentraland is an interesting experiment. I imagine there will be others that follow a similar model. Doubt this one will work based on the way current investors are hoarding the digital land. The cheapest plot equals roughly $600. That is a steep price for anyone new looking to get involved.
What sort of experience do you have with Decentraland, and crypto in general?
0 Reply
Scott Rogers
Rental Property Investor · Neenah, WI · Member since 2019 · 154 posts · 105 votes
7y
I don't see an issue in having bitcoin, etherium or litecoin as part of a person's 5% speculative portfolio allocation. And accepting bitcoin as rent wouldn't be a huge deal if you handled it correctly. Ask for a premium (+10% or so) and exchange it for fiat currency (USD) when you collect it. It's very liquid.
0 Reply
Ian WalshBusiness Member
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
7y
Touch the stove twice?
0 Reply
Jim Goebel
Real Estate Investor · Des Moines, IA · Member since 2016 · 922 posts · 533 votes
7y
I'm not on the bitcoin bandwagon. No thanks.
Someone that is taking payments in bitcoin for say a piece of RE (tangible asset) needs to be compensated DEARLY for the risk premium. In my case, I'd need to be paid about 20x the equivalent of USD to even think about it :)
0 Reply
Terrell Garren
Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
6y
Originally posted by @Tiwanna Wallace-Agbenyegah:
@Terrell Garren Awww...that’s too bad, I’ve made over 6k off of my investment in bitcoin, in just the last month 🤷🏽‍♀️

How's that Bitcoin investment doing?
0 Reply
Terrell Garren
Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
6y
Originally posted by @Eric Carr:
Originally posted by @Terrell Garren:

Originally posted by @Luke Hadden:

@Terrell Garren
Why
Oh, I don't know. How about this.
What about it? Look back since 2009, you will see this over and over and you will see it rise higher each time.
If you don't believe in it - that's one thing. But at least make that an educated decision.

It's probably time for you to give me that Bitcoin lecture again.
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