In This Issue
- My latest portfolio updates.
- Rebecca breaks down this week’s trending coins.
- Sam has a report for you on the expanding Yuga Labs empire.
- David breaks down Arbitrum vs. Optimism.
- Jesse has a deep dive for you on Stargate Finance.
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Lark’s Portfolio
This Week’s Moves
I sold the rest of my Matic, a small bit of Ethereum, and a few Bitcoin. Which to be honest sucks. I didn’t want to sell any of those things, especially not now! However, I got a big unexpected tax bill from the USA and I needed to make a call on how to handle it. This was the path of least pain.
You see, while I live in New Zealand, I still hold a US passport. Not for much longer though, as I am planning to renounce it. I was catching up on my back taxes which I had thought would not be a big deal since New Zealand and the USA have a tax treaty, but boy was I wrong. There is one little cheeky rule that caught me with my pants down. That is that any business income is taxed as if it were personal income for overseas citizens by the IRS. That means I need to pay the difference between New Zealand’s 28% business rate and the USA’s 37% personal rate. A 9% difference. The USA is basically the only country in the world that claims ownership of their passport holders anywhere in the world for tax purposes. So for most of you reading this will never be a problem. But if you are holding a US passport then watch out!
Could I have used my cash instead of selling some of my crypto? Yes, but I do not want to touch my cash position right now. I am still too paranoid about the global macro scene. Maybe I will be proven wrong on this, but I sleep better at night knowing I have a strong cash position.
Could I have just taken a cash loan instead of selling? Yes and no. In New Zealand crypto loans don’t really work because they are counted as a sale. So I still have to pay tax, plus interest from the loan, plus adding on the risk of liquidations during an extreme market event. In the end, I decided it was better to cut off a bit now, and then rebuy those coins during the bear market. Afterall it is only a tiny fraction of my holdings.
Now let’s break down the sales.
Matic, I finally cut the last of my moon bag. I had hoped to hold it into the next cycle, but selling here was at a significant profit. So no drama. I still think MATIC is a bullish asset and I would consider re-entering a position in the future.
Ethereum is one of my long-term holdings. Selling now is not great.
Bitcoin. This one hurt the most. Sure it is only a few percent of my total Bitcoin holdings. But, I had zero intention of selling any Bitcoin in the foreseeable future. Especially not now! Now is accumulation time. At least I sold above my cost basis. Silver lining I suppose…
If you check my portfolio page you will see that on a relative level the total percentage of my portfolio made up of BTC and ETH has not changed much, although the total percentage of altcoins in my portfolio did increase slightly across the…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
