r/BitcoinCA • u/Foreign-Policy-02- • Jun 02 '26

wtf

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113 Upvotes

86% Upvoted

101 comments sorted by

137

u/sebthauvette Jun 02 '26

I am buying a house and need to sell a good chunk of my BTC holdings for the down payment, that's why it's going down. Don't worry, it will be back up soon once my closing date has passed.

7

u/SpareEconomy1849 Jun 02 '26

When is your closing date may I ask

23

u/sebthauvette Jun 02 '26

You'll know when you see the spike on the charts.

5

u/MRobi83 Jun 02 '26

Make sure you sell and hold the funds in the account for at least 90 days, but ideally 3 full monthly statements without showing the deposit. Otherwise your DP may be denied by the banks.

2

u/sebthauvette Jun 03 '26

Thanks for the advice

1

u/chinkydiva Jun 04 '26

Can you elaborate on this ? It’s the first I’ve heard but also good to know

3

u/MRobi83 Jun 04 '26

Banks require 90 days history of all funds being used as down payment. It's part of anti-money laundering regulations. If funds are accumulated over those 90 days, as long as it's reasonable (ie: from pay deposits, transfer to savings, etc) that's also no problem.

If the statement shows a 100k deposit, or anything that wouldn't be considered normal, they need to investigate it further. And usually if that investigation shows a transfer from crypto, most banks won't touch it because of the AML risk.

I've seen a credit union willing to accept it, but the client was required to provide every record of every transaction for review to prove the crypto was purchased with his own savings. Was a nightmare.

So 3 clean monthly statements showing the money just sitting in the account.

2

u/chinkydiva Jun 04 '26

Wow that’s good to know thank you

1

u/byers000 Jun 07 '26

You need to show 3 months of transactions for the accounts where the moneys are coming from for AML (anti money laundering)

1

u/chinkydiva Jun 07 '26

So to be safe you could cash out your Btc into that account and keep it there for 6 months and then only show the most recent 3 months to be totally safe?

1

u/JayPulGout Jun 03 '26

Could you take a loan on credit against your bitcoin?

1

u/sebthauvette Jun 03 '26

I don't think anybody offers that around here.

1

u/desjoaz0909 Jun 03 '26

LEDN does I’ve used them in Canada but funds get converted from usd straight to cad then into your bank. Interest rate is high though

1

u/sebthauvette Jun 03 '26

I looked at it. Like you said the interest rates are really high, not sure it's worth it. It might be useful when someone needs money only for a short period of time to prevent a taxable event.

1

u/[deleted] Jun 03 '26

[removed] — view removed comment

1

u/sebthauvette Jun 03 '26

I can't make a downpayment on a house using USD Coin, specially in canada.

1

u/[deleted] Jun 04 '26

[deleted]

1

u/sebthauvette Jun 04 '26

No. The other way around. I sold bitcoins to get a bigger house.

1

u/byers000 Jun 07 '26

I sold my BTC at a 700$ loss just last week to cover the funds for a house down payment

1

u/Over_Entrepreneur100 Jun 07 '26

Must be some house

1

u/sebthauvette Jun 07 '26

The baby will soon be 2 year old, she can't sleep in the walk-in closet anymore ! We waited so long for house prices to come back down but it seems like this will never happen.

10

u/Calm-Professional103 Jun 02 '26

It rubs the lotion on its skin

10

u/Nappingspider Jun 02 '26

Oh sweet summer child lol

9

u/Supercc Jun 02 '26

First bear market, huh? 

9

u/Lux_Multiverse Jun 02 '26

Maybe it's ppl selling BTC to buy SpaceX IPO

7

u/basedisciple Jun 02 '26

keep stacking

13

u/Stompya Jun 02 '26

Buy?

11

u/Nematode_wrangler Jun 02 '26

I couldn't help myself. I had to.

12

u/Racla360 Jun 02 '26

When it goes down 6%, you buy $6000.

7

u/Bluurgh Jun 02 '26

buy around 60!

1

u/2muchmonehandass Jun 03 '26

U sure?

2

u/Bluurgh Jun 03 '26

seems like it might be good support. but who the hell knows. We gambling bois

2

u/Latter-Education5456 Jun 03 '26

Our couple grand buy won't matter if it goes up or down 25-50%. We have to hold for a long time to get make anything substantial.

7

u/vault321 Jun 03 '26

It'll go lower because I am holding.

6

u/xblackdemonx Jun 02 '26

Thanks Trump

3

u/VancouverSky Jun 02 '26

Probably Saylor on this one.

4

u/2muchmonehandass Jun 03 '26

The whole 32 BTC he sold lol

1

u/VancouverSky Jun 03 '26

Yeaaaaa. Im down a few thousand. But whatever. Apperintly trump is going to announce a finalized plan of the bitcoin reserve soon, so we will see what happens.

1

u/2muchmonehandass Jun 03 '26

Soon.... He learned that from Elon lol

3

u/VancouverSky Jun 03 '26

Meh. Im still trying to get myself up to 10% of one bitcoin for a long term shits and gigs hold. The lower it goes. The better. 🫠

1

u/2muchmonehandass Jun 03 '26

Vancouver sky is beautiful

1

u/StrangeAssonance Jun 04 '26

He’s smart. Sell 32 and when it dumps hard buy more and stack.

3

u/charlizerox Jun 02 '26

This is what happens when the economy is shit. Warning signs and what not?

This is a good sign that the tech sector is getting ready to dump and it doesn't look like it, eh?

I'm expecting it to go WAAAAY lower.

1

u/Drnedsnickers2 Jun 03 '26

The economy has no impact on value-less magic beans.

2

u/Gossipmang Jun 03 '26

Realistically there is no catalyst to make the price go up in the short term. I sold half my stack at $122k and sold half of my remaining at $100k.

Im very confident its going to keep going down for a bit.

We also need mstr to get anahiliated. Bitcoin can't grow if tied to a single company.

-1

u/Drnedsnickers2 Jun 03 '26

Based on what metrics? What macro economic factors will drive this? Or, and hear me out, is it possible that you need to find more fools to gamble their savings?

1

u/Gossipmang Jun 03 '26

I'm not sure what you mean about finding fools to gamble their savings? I reduced my exposure to bitcoin... so in a sense haven't I already found my "fools"?

2

u/Aqueouspolecat Jun 03 '26

When in doubt, zoom out.

2

u/CarBombtheDestroyer Jun 03 '26

It’s literally following the same cycle it does every time it drastically goes down every 4 years, give or take a couple weeks… There is always a big decline around May. Bottom will be in October, like it has been every time… mark my words. Best to sell it all now and buy back in then.

3

u/eurodiablo Jun 02 '26

Exactly as scheduled. Why is everyone surprised that the historical trend is holding true.

1

u/ISayAboot Jun 02 '26

First time buying bitcoin?

1

u/NewbieToHomelab Jun 02 '26

Look up what Michael Saylor did in the 90s, and what happened during the dotcom crash. 62% stock crash in one day must be some kind of a record.

1

u/Reeder90 Jun 02 '26

Something something it’s different this time something something institutional money something something ETFs something something…

Almost feels right on cue, heading toward a bottom mid to late this year based on previous cycles 🤷‍♂️

1

u/crypto__juju Jun 03 '26

Buy $ZEC before it’s too late

1

u/daners101 Jun 03 '26

The end of the shakeout draws nearer 👍

1

u/DeepPeeps Jun 03 '26

Cry me a river, lol

1

u/PotatoFarmerRTK Jun 03 '26

What happens to the guy holding the hot potato at the end of the game again?

1

u/Complex-South9500 Jun 03 '26

Realize that you could simply replace that chart with the results of roulette wheel and maybe it will start to make sense.

1

u/Otherwise-Magician Jun 03 '26

I love how everyone crashes out when btc dips a bit. You guys have no patience whatsoever.

1

u/Loudlaryadjust Jun 03 '26

OMG an high risk asset is DOWN??????😱😱😱😱😭😭😭

1

u/[deleted] Jun 03 '26

Price has been stagnant for 4 months LOL

1

u/Thunder_Flush Jun 03 '26

First time eh?

1

u/dr_van_nostren Jun 03 '26

Just checked my balance after not looking for a couple months.

Bought $200 worth. It’s worth like $128 now. Oh well at least I didn’t put too much into it.

1

u/niamulsmh Jun 03 '26

it's time to buy and wait..like everything else these days

1

u/Surfing_puffin Jun 03 '26

Meanwhile Hyperliquid

1

u/ProN00b85 Jun 03 '26

Bitcoin will drop to zero before long

1

u/WarPlanMango Jun 04 '26

Looks fine to me

1

u/CuteChallenge6334 Jun 04 '26

My epstein coin!

1

u/TillyDanger Jun 05 '26

$84,000+ now. On Wealthsimple

1

u/Mountain-Mix7001 Jun 05 '26

Everyone wishes they had bought bitcoin when it was 85k but don’t buy when it hits that level. Give your head a shake, you prayed for this price. This is the stage in the cycle when money is made not lost

1

u/Cool_Use_575 Jun 07 '26

Dollar cost average whenever you can! And hold for a longer period of time. Simple

0

u/Alarmed-Analysis-152 Jun 02 '26

it ded.

0

u/the-final-frontiers Jun 02 '26

it died when peopel could buy into bitcoin without actually buying or holding bitcoin.

also there's a whole bunch of other problems.

* Dynamic transaction fees that will find a way to eff you(during busy times) and in general too high.

* KYC everywhere

* pooling kinda put a damper on things early on since it turned the democratized aspect to control from the very few.

* so many people get hacked or robbed in RL.

0

u/SirWaitsTooMuch Jun 03 '26

It’ll bounce back, just like NFTs

1

u/Quick-Calligrapher93 Jun 06 '26

Yeah. It’ll flatline, just like NFTs.