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Selling Bitcoin at a profit hands the IRS its cut on the way out. Federal long-term rates run 0% to 20%, plus the 3.8% net investment income tax, plus up to 13.3% if you live in California. Borrowing against the stack hands the IRS nothing, because nothing was sold. The interest is the price of keeping the position. Over the past decade, that position has compounded at roughly 60% a year. We believe holders deserve to see the comparison in plain numbers before anyone tells them which door to walk through. #DailyOrbit