The Bitcoin Family Settled Down in Portugal for the Country’s Tax-free Cryptocurrency Policy
After traveling through 40 countries around the globe for the past 5 years, the Dutch Bitcoin family finally decided to settle down in Portugal.
“You don’t pay any capital gains tax or anything else in Portugal on cryptocurrency,” said Taihuttu, the father of the family. It seems the main factor in their decision is the national tax-free policy towards Bitcoins. In Portugal, cryptocurrency trading, transaction, and exchange to fiat currencies are free from VAT, also capital proceeds generated by cryptocurrency trading are free from personal income tax.
Taihuttu said that it wouldn’t come as a surprise to him if Bitcoin hits $200,000 by 2022.
In 2017, the Bitcoin family went viral for selling all their property including a company, real estate, cars, and even their kids’ toys in exchange for Bitcoins. It’s estimated that they have put hundreds of thousands of U.S.Dollars into buying Bitcoins, and the Bitcoin price by then was around 900 U.S.Dollars. However, the Bitcoin Family later turned to a more complex portfolio combination including Bitcoins, Ethereum, Litecoin, Dogecoin, etc.
Though they’ve been to 40 countries, non of the family members owns bank accounts or real estate property. All of the family savings are in the form of cryptocurrencies, despite them being highly volatile.
To Taihuttu, Bitcoin isn’t just about speculation. He claims to have donated half of his assets to charity and had never traded with merchants who don’t use Bitcoin. This means bartering, Bitcoin debit cards and even persuading vendors into using Bitcoins are necessary from time to time.
The Bitcoin family are, perhaps, true missionaries spreading the merits of cryptocurrency on their journey.
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