"It isn't a capital gain. The fiat was debased. Measured in gold, you didn't gain anything. Taxing it is theft." @themarketsniper on why unrealized capital gains taxes attack something deeper than your wallet, your property itself: "An unrealized gains tax is a denial of property rights. You're told you made money before you've realized a cent and handed a tax bill for it. So you're forced to sell, partially or entirely, just to meet the obligation." "You bought the house for €150,000. You sell it for €500,000. But gold went up sixfold in that time, not fourfold. Measured honestly, you should be booking a loss, not paying a gain." "The whole policy of central bankers is debasement of fiat and debt. So you haven't gained. You're being forced to surrender assets to pay tax on a gain that only exists because the measuring stick was broken." The argument isn't "taxes are too high." It's that a gain measured in a currency that's being actively devalued isn't a gain at all and taxing it forces asset sales to pay a bill on wealth that, in real terms, never grew. Whether or not you agree, it reframes the entire debate: what are you actually measuring against? If your gains disappear when you price them in gold, were they ever gains or just inflation?