Since the incredible bull run last year, early adopters, and even people who invested in cryptocurrencies back in January 2017, have made an incredible amount of financial gains. In the U.S. some people who want to cash out a good chunk of money realize they'll end up paying the taxman (IRS) a lot of money in capital gains. However, there are ways people can avoid heavy crypto-taxation and capital gains. This week, news.Bitcoin.com spoke with Tim Picciott, a financial advisor and Certified Financial Planner (CFP) for ten years, and he explains how he's been helping the 'crypto rich' avoid hefty penalties and capital gains legally.
The Liberty Advisor Says There Are a Bunch of Methods People Don't Know About That Can Help Them Legally Avoid Heavy Taxes and Capital Gains
We recently chatted with the financial planner, Tim Picciott, otherwise known as the Liberty Advisor. Picciott was recently on the Declare Your Independence show with Ernest Hancock on Freedom's Phoenix explaining how he's helping people who've accumulated sizable crypto holdings use the same strategies ultra high net worth families use to legally avoid substantial taxation. Picciott also presented a keynote speech at the TDV Investment Summit, explaining how, in the past, he had to leave a lucrative practice, pay a hefty fine, drop his series 7, and was effectively unemployed for three months until the government approved his paperwork.
Now Picciott's business is up and running and he's assisting individuals who've become crypto rich avoid hefty taxation. Unlike most CFPs, Picciott understands the current economic system is broken, and so he approaches financial management in a different way.
News.Bitcoin.com (BC): So how did you get into cryptocurrencies and learning about bitcoin?
Tim Picciott the Liberty Advisor.
Tim Picciott (TP): I graduated school in 2008, just in time for the world meltdown and started my career the day Lehman Brothers crashed. So I was always told that everything that happened in 2008 couldn't happen. I was in the graduating class that won the national competition for the Federal Reserve, and I was told all this different stuff. Then I graduate, and, boom, everything collapses. I immediately became distrustful of the financial system. One day someone told me that the Federal Reserve was private, and I didn't believe them. So my girlfriend bought me the 'Creature from Jekyll Island' by G. Edward Griffin, and the book really blew me away. I went further down the rabbit hole and found out about Ron Paul, and I found out about bitcoin when it was around $3. Unfortunately, I didn't buy any.
My interest in bitcoin basically stemmed from my distrust of the system and being in the libertarian movement. Then over the past couple of years, I became really good friends with Ernest Hancock from the Freedom's Phoenix broadcast. And he kept telling me that I got to look into these cryptocurrencies.
I'm also a little bit different because I'm a certified financial planner who holds these views, because most people in my industry don't want to recognize there's problems within the system.