Anyone taken out a home loan using bitcoin? : CryptoCurrency

I’m looking at https://blockfi.com/faq/ and it looks like I can borrow money for a homeloan without having to be hit with Capital Gains tax were I to sell my bitcoin first to finance it:

“A loan from BlockFi enables you to use your cryptoassets as collateral and receive USD to your bank account. Borrowing against your cryptoassets enables you to receive liquidity now but does not trigger a capital gains tax event and, depending on the use of funds, the interest may be deductible against capital gains and other investment income.”

Just wondering if anyone here has used this service (or any other similar service) and what their experience was? I’m thinking here that I would be using my bitcoin as a downpayment and therefore I presume it gets transferred to the loan provider and they then sell it to get back the cash?

ps. I’m new to house buying and relatively new to crypto…

Source link

Leave a Comment

Your email address will not be published.