Bitcoin investor delays IRS tax payments to buy more BTC, citing expected rally above penalty rate
By
Aaron Wise
1d ago· 4 min readenNews
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Summary
A Florida bitcoin investor publicly shared his strategy of intentionally delaying tax payments to the IRS to buy more Bitcoin instead. He argues that the 7.55% APR penalty interest charged by the IRS for his tax payment plan is a worthwhile trade-off because he believes Bitcoin will rally more than that percentage. He stopped having taxes withheld from his paycheck, bought BTC with that money, and set up a three-year payment plan with the IRS to pay off his balance including penalties.
Key quotes
· 3 pulledHe seems to think that the 7.55% APR penalty interest that the US Internal Revenue Service (IRS) charges for his tax 'payment plan' makes buying BTC instead of paying his taxes on time a smart trade, because he believes BTC will rally more than that.
He said he 'stopped paying taxes from my paycheck and bought BTC instead.'
He then applied for a tax payment plan and is paying off his balance over three years, including penalties.
Despite the legal risks, an investor bragged about delaying his tax payments over three years to buy more BTC.
