April 12, 2023

The best tax advice for Crypto HODLers

Last Updated: October 18, 2023

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Introduction

Love to HODL your Crypto? Let’s talk about the tax benefits that can come with HODLing your crypto profits.

Avoid crypto tax by HODLing

You pay no tax on any crypto you HODL – most of the time, anyway.

For example, if you simply buy and HODL your crypto, you don’t have to worry about paying any Capital Gains Tax (CGT) on it. This even applies if the value of your portfolio increases. This means you keep a lot more of your profits when you lock in than if you jump in and out, panicking in the face of volatility.

Don’t like HODLing? We can help

Even though HODLing sounds appealing from a tax perspective, it isn’t everyone’s favourite way to do crypto. It takes a really long time to make a profit from HODLing, and it can mean you miss certain opportunities from short-term fluctuations in the market. If you want to make a 1% profit, it might not take too long, but realistically you’re going to have to wait years to see a notable difference in the value of your investments.

If you don’t like the sound of waiting around for years, or you enjoy the thrill of interacting with the market fluctuations, you’re going to need tax advice. Join the Crypto Tax Degens community to get the best advice from the best minds in the crypto tax world.

If you want immediate access to one of the most detailed, thorough insights into crypto tax, take a look at Andy Wood’s eBook here. Wood covers the ins and outs of crypto tax in the UK, giving you the best law-abiding advice to keep as much of your profits as possible.

Andy Wood

Andy has a breadth of experience as a Barrister and as a Chartered Tax Advisor, which means he comes into the crypto space with expertise he can't wait to share.

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HODLing crypto FAQs

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1What does HODLing mean in crypto?

HODL stands for ‘Hold On To Dear Life’, and refers to those in the crypto community who hold onto their assets, regardless of ups and downs in the market.

2Is HODLing crypto a good idea?

HODLing can be a good idea for long term investors because you avoid exposure to market volatility. But, it usually only brings profit after a really long time,so if you are needed more immediate gains, you might want to consider a different technique.

3When should I cash out my crypto?

The best time is, more often than not, when you see an optimal gain. But really, you can’t know for sure when the perfect time is to cash out because the market changes so often.
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Don’t get rekt

It’s not complicated. The best way to avoid bagholding is by staying informed. The best way of staying informed is by listening to the expert.

Andy has a wealth of experience and knowledge designed to help you navigate the crypto tax world, whether you’re in a bull run, sitting on uncomfortably large profits, or planning for the next halving.

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