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I bought $276 on the cash app for fun. It's now worth $1200. Should i cash it out or wait? I really have no idea. I feel bad that I'm part of a super weird system of fake money, but I'm also happy to see an extra $k.
Ask yourself this: has Bitcoin had - or is it trending towards - a net positive impact on our world? In other words, is it worth investing in long term? If it isn't you should treat it as a short term investment and get out as soon as you've made a profit - and you've literally 4x'd your investment. The fact that we're talking about the price in c/News is already a bad bubble sign and reminiscent of all the other times we've had crypto bubbles.
You have made back your investment plus some. Also you don't actually own any Bitcoin through CashApp, they sell fictitious potential value based on nothing. Take the cash minus the tax and invest your initial investment via actual ownership via a private wallet if you want to see what Bitcoin can be. Then, you are in profit and the worst case you lose money that doesn't matter.
Crypto is no different than stock investment, only invest what you are willing to lose and cash out when you are satisfied.
I can't give you legal financial advice, but my personal opinion is that Bitcoin still has value to gain and investing money of no consequence has a potential to be worthwhile beyond what investment in the S&P offers, and likey what realestate offers.
Similar boat here, and I literally just cashed mine out after seeing this headline. Could I have made more? Probably, but there's no universe in which my few hundred dollars is going to turn into a million. What's much more likely is that I would forget about it for another year.