Big BTC Transactions - Making America Great again!
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Crypto's finally going to do something good for the USA, Taking Bitcoin profits out of the digital economy, and bringing them to Main Street! Building US brick and mortar infrastructure, one large transaction at a time! 🌊 🐙 🤸 🕳️ 🏃 🐙
Crypto operations are saying the $28 billion tax plan in the New Senate infrastructure bill will pose an 'imminent threat' to the industry!
Source: https://news.yahoo.com/crypto-organizations-28-billion-tax-125716034.html
Crypto Exchanges are saying that the latest tax provisions in the Senate infrastructure plan are a threat because it will force them to report large transactions around $10,000, and also successive transactions, i.e. two 9999 transactions, or any other amounts in a time period trying to skirt the new tax rules. It seems like the laws are finally catching up to the big BTC banks, and they are scared this will put the nail in the crypto coffin and cause another long winding bear market for the entire industry.
There is a silver lining however, the new taxes would help fund President Joe Biden's infrastructure package. This may be a great thing for America, because it's about time the big btc whales making it rich in the USA transfer some of that wealth to the roads and bridges. Biden needs money to remove lead pipes from schools, and also old asbestos that was left behind. Uncle Sam Needs You to buy your COIN (and Sell It)!
According to the Blockchain Association they say:
"What Congress is considering with this measure is not a new tax on the cryptocurrency industry. Instead, it puts new reporting requirements on individual players in the industry who have no way to comply."
So...this crypto tax could simply drive the whales, and BTC innovation right on out of the US!
Maybe instead of creating another crypto bear market, this tax provision will just drive US btc trading to a grinding halt instead, like a crypto ghost town. 👻👻👻 This scenario might not be as bad as a prolonged bear market because instead of causing the prices of BTC to drop, whales would just move out of the US? Or on the other hand if they decide to stay, it's more likely that instead of buying and selling all the time, maybe they will just opt to HODL Long, to avoid all the penalties?
It's all way too early to tell, and depends on which way the media decides to spin this story. So far seems like they are opting for spinning BTC into the ground with FUD as usual, so they can buy cheap BTC at $12K when the blood hits the street in a few years down the road. Either way it's an exciting turn of events, and worth a blog post to mention.
What do you think the implications will be for Bitcoin, and alt coins like HIVE, in light of this new impending $28 Billion Crypto Tax Act of 2021?
