Replying to Avatar Kyle

Let’s talk about selling Bitcoin 🟠

What are your thoughts on selling Bitcoin to pay off debt like personal loans and credit cards?

In this scenario, you don’t have extra cash to pay the debt because you currently use your extra fiat to buy Bitcoin.

The purpose of selling in this scenario would be to pay off those debts and buy more Bitcoin with the funds freed up from monthly payments and interest.

What are your thoughts?

#asknostr
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Chef Tommy 5mo ago

I would just pay off your debt as fast as possible and whatever you can spare goes into a DCA. There are ways to roll over debt on credit cards to new cards with 0% for a year. Not sure if it’s better than just paying off the debt.

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Kyle 5mo ago

Payoff without selling your Bitcoin?

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Chef Tommy 5mo ago

Never sell your bitcoin until to pay off debts. If you can’t afford the debt payments then stop buying BTC. If you can’t afford both then carry on.

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Chef Tommy 5mo ago

Sorry, was try to say: don’t sell your Bitcoin unless all your debt is paid off.