How do crypto millionaires avoid taxes?

The legal framework surrounding cryptocurrency taxation is clear: there is no legitimate means to evade taxes when liquidating your digital assets. It is imperative to adhere to tax regulations to avoid legal consequences.

Nevertheless, there are strategies that can assist in minimizing your tax liability within the confines of the law. One such approach is tax-loss harvesting, which involves selling assets at a loss to offset gains, thereby reducing your overall taxable income.

BTCC's services encompass spot trading, which allows users to buy and sell cryptocurrencies at the current market price, as well as futures trading, which enables them to speculate on the future price of digital assets. Additionally, BTCC offers a wallet service that allows users to safely store their cryptocurrencies.

When converting cryptocurrency into fiat currency, such as dollars or euros, the transaction is subject to capital gains tax. This tax is levied on the difference between the purchase price and the sale price of the asset.

However, it's important to note that not all cryptocurrency-related activities are taxable. For instance, transferring cryptocurrency from one wallet to another, without converting it into fiat currency, is generally considered a non-taxable event.