Just saw this vid talking about how rich folks save on taxes by borrowing against their stocks. Got me thinking, does anyone know if something like that exists for crypto? Like borrowing against your crypto assets? I hope it does... would be cool.
Yeah but remember, this only works for wealthy people who have diverse assets to back them up. Not just some dude with a ton of a single coin... Banks don't really want to hold crypto risk directly. They like diversification for stability. That's a big factor for them.
Actually, these lines of credit for crypto do exist. I’ve been doing it myself, borrowing against my crypto portfolio as collateral. Just check out exchanges; you can often get loans by using your crypto. Also, there are options without needing collateral, but only for US citizens. It's a big deal!