Holding period (speculation period)
In Germany, the gain from selling privately held bitcoin is tax-free if more than one year passes between purchase and sale (§ 23 EStG, as of September 2026). Each purchase has its own holding period.
Alsospeculation periodone-year ruleone-year holding periodHaltefristSpekulationsfrist
If you sell privately held bitcoin within one year of buying them, that is a private disposal transactionGlossaryPrivate disposal transaction (privates Veräußerungsgeschäft)A German tax term from § 23 EStG: if you sell or swap privately held bitcoin within one year of buying them, the gain is taxable – unless all such gains in that year together stay below the €1,000 exemption limit.On the learning path: Stage 6 · Step 3 – Bitcoin & tax →In the glossary → and the gain is taxable. If more than a year passes in between, the gain is tax-free – however large it is.[1]
The rules
- Each purchase counts separately. With a savings plan, each instalment has its own holding period.
- Order: if it can’t be determined which bitcoin you are selling, the ones bought first count as sold first (FIFOGlossaryFIFO (first in, first out)A tax ordering rule: in Germany, if you can’t prove which bitcoin you sold, the ones bought first count as sold first for the holding period – assessed per wallet.On the learning path: Stage 6 · Step 3 – Bitcoin & tax →In the glossary →) – separately for each wallet.
- Paying with bitcoin counts as selling – and so does swapping them for another crypto-asset.
- No extension to ten years: even if you lend out bitcoin, the period stays at one year.[2]
Example: you buy on 15 March 2025. If you sell on or after 16 March 2026, the gain is tax-free. If you sell on or before 15 March 2026, it is taxable – unless your total gain from private disposal transactions that year stays below the exemption limitGlossaryExemption limit (€1,000 Freigrenze)In Germany, gains from private disposal transactions stay tax-free if they total less than €1,000 in a calendar year. From €1,000, the entire gain is taxable.On the learning path: Stage 6 · Step 3 – Bitcoin & tax →In the glossary → of €1,000.[1] The holding period calculator works out your own dates.
Will the holding period be abolished?
According to a law firm’s analysis, a draft bill (Referentenentwurf) from the Federal Ministry of Finance proposes a 25% flat-rate withholding tax plus solidarity surcharge on crypto-assets bought after 31 December 2026; for earlier purchases, the one-year rule would remain. This has not been adopted (as of 28 September 2026).[3] The reform tracker shows the latest status.
Related terms
These terms are closely connected.
- This termHolding period(speculation period)
- Exemption limit (€1,000 Freigrenze)In Germany, gains from private disposal transactions stay tax-free if they total less than €1,000 in a calendar year. From €1,000, the entire gain is taxable.
- FIFO (first in, first out)A tax ordering rule: in Germany, if you can’t prove which bitcoin you sold, the ones bought first count as sold first for the holding period – assessed per wallet.
- Private disposal transaction (privates Veräußerungsgeschäft)A German tax term from § 23 EStG: if you sell or swap privately held bitcoin within one year of buying them, the gain is taxable – unless all such gains in that year together stay below the €1,000 exemption limit.
- HODLCommunity slang for holding bitcoin for the long term, even when the price falls sharply. It began in 2013 with a typo (‘hodling’ instead of ‘holding’) in a forum post.
- DAC8 (EU reporting rules for crypto-assets)EU directive that has required crypto providers to report customer data and transactions to the tax authorities since 1 January 2026. In Germany, the KStTG implements it; the first report, for 2026, is due by 31 July 2027.
Explained in depth
These articles go into more detail:
- Stage 6 · Step 3Bitcoin & taxWhen Bitcoin gains are tax-free in Germany: holding period, €1,000 exemption limit, FIFO per wallet, swaps, payments and losses – with worked examples.
- ReferenceReform tracker: holding periodWill Germany scrap the tax-free holding period for Bitcoin? The state of the debate, with a timeline, what the draft bill says and worked examples – factual and sourced.
- Deep dive · Stage 6Selling & cashing outWhen and how to sell Bitcoin: fixed rules, partial sales, holding period and FIFO, the way to your bank account and rebalancing – without haste or tax traps.
More from „Tax & law“
- AMLR (EU Anti-Money Laundering Regulation)
- BaFin (Germany’s Federal Financial Supervisory Authority)
- CASP (crypto-asset service provider)
- Deposit guarantee (deposit protection)
- ESMA (European Securities and Markets Authority)
- KMAG (German Crypto Markets Supervision Act)
- MiCA (Markets in Crypto-Assets Regulation)
Sources3 sources · 3 publishers
The superscript numbers in the text refer to these sources.
- § 23 EStG – Private Veräußerungsgeschäfte – Bundesministerium der Justiz (gesetze-im-internet.de) (accessed 28/09/2026)
- Einzelfragen zur ertragsteuerrechtlichen Behandlung bestimmter Kryptowerte (BMF-Schreiben) – Bundesministerium der Finanzen (German Federal Ministry of Finance), 06.03.2025 (accessed 28/09/2026)
- Krypto-Besteuerung ab 2027: Was der Referentenentwurf zur Abgeltungsteuer konkret vorsieht – Ruge Fehsenfeld Rechtsanwälte, 10.09.2026 (accessed 28/09/2026)
This entry is for education only and is not investment, tax or legal advice.