I have been into cryptocurrency for only a year now, and I hold alot of Ada also known as Cardano. I have accumulated over 200k, and my portfolio is constantly growing. Cardano is only worth 4 cents at the time of me writing this blog.
I plan on holding Ada for a very long time... My goal is to hold Cardano until it reaches over 20 Dollars. Once Cardano reaches 5 Dollars my portfolio will be worth over 1 million dollars.
Like most people... I don't have the income to pay taxes on a million dollars without having to take away from my crypto portfolio. So I have many concerns about this issue that I would like to address with the steemit community. Lets say in 2020 Cardano jumps to 5ive dollars during tax time... I pull funds out of my portfolio to pay off this tax, and after I pay the tax on my crypto my Cardano drops to 1 Dollar or less.. even if Cardano experienced no drop I would still have less Cardano when I finally decided to cash out. That would mean Uncle Sam literally fucked me in many ways.
My portfolio would have way less Cardano, and my Cardano would be at a lesser value. When we the people are trying to hold an asset long term the Government needs to back off.. especially if the currency or asset is decentralized!!! The whole point of decentralized digital currency is so the people can be free from the regulations and tyranny of governance.
My opinion of our Government is that they literally can screw up a wet dream. They have been creating wars, sickness, and a dumbing down of we the people from the very beginning while acting like they are on our side.
If I am going to give my true opinion about cryptocurrency I would say it wasn't created by Satoshi but rather by the Elite Cabal themselves. Just look at the symbolism of many current crypto currency's.. take Cardano and the bull of wallstreet!
Do I believe digital money is the future... Yes I do, and I believe it will be because the World Elite want this. People have been using credit cards for the longest time already, and a growing number of people are currently using Apple, and Samsung pay straight from their phones, and smart watches.
I already made it very clear in the beginning of this blog that im heavily invested into Cardano because in my opinion once this project becomes usable and gains mass adoption I know its value will make me rich. However how do I protect myself from Uncle Sam in the meantime? How about the many people who are heavily invested into a crap coin that gets a good pump during tax time just to see it go to zero?
The entire point of this post is to ask the steemit community a very simple question.... Is it fair for anyone holding cryptocurrency to pay taxes before they cash out? Please share your opinion about this with the steemit community. Obviously I dont feel like it's fair because this can cost my portfolio way more than 30% overtime.
-Adam3030