Michael Saylor, CEO of MicroStrategy, praises Bitcoin again. This time, Saylor speaks approvingly of his convenience and ability to keep all parties honest.
Most importantly, he said in a recent interview that nobody could take it away from you. Not even the tax officer.
“You can tell anyone to fuck themselves. You can stick it in your head, remember the damn key, right, and it’s here. And then the classic Bitcoiner answer is: Oh yes, my Bitcoin, I lost it in a boat accident … “
Tax proposals make cryptocurrency less attractive
In the past few weeks, the problem of stricter regulation and especially taxation of cryptocurrency has risen its head. While most people accept taxes as a necessary cost of living in a civilized society, the point in question is how much is enough?
This is particularly relevant in light of the Biden administration’s proposals that the tax burden on cryptocurrency investors could increase. You are considering a comprehensive wealth tax as well as a tax on unrealized capital gains.
Professionals claim that the current guidelines on cryptocurrency tax rules are confusing at best. Additionally, a slew of innovations such as chain splits, air drops, token swaps, and stakeouts are exacerbating the matter that require tax authorities to reconsider their decisions.
Combined with more tax proposals, the prospect of investing in bitcoin and cryptocurrency is much less attractive.
Saylor claims that despite the threat of regulation and taxation, Bitcoin is still the superior investment strategy
With that in mind, the CEO of MicroStrategy has contested by saying that if his tax burden were too high he would say he lost his bitcoin.
“At the end of the day, if you push me too far, I’ll lose it, it’s gone, sorry. Control that.”
It is more than likely that Saylor’s comments helped clarify the irrelevance of taxes and regulations to the overall picture of Bitcoin’s investment potential.
When Saylor was asked about regulatory measures against Bitcoin, he passed them on as FUD. More importantly, FUD is based on things that haven’t happened yet and may not have happened at all.
“For the next decade, regulatory FUD will be the most logical challenge for people in the Bitcoin community. You will only see fear, uncertainty, and doubt about what happens when a regulator does something bad. I don’t know what it is, but what if they do. “
Its underlying message was that regardless of how regulators and tax authorities handle it, Bitcoin will still be appreciated as a superior store of value.
“When is Bitcoin [a] A better store of value than bonds, stocks, real estate, gold, silver and derivatives, and any kind of cash. Then there is no reason why it shouldn’t absorb $ 100 trillion in monetary energy, regardless of what happens when you apply all of the rules to do so …
The recent murmur of tax hikes for cryptocurrency investors has created a sense of FUD. However, as Saylor points out in the long run, this doesn’t affect Bitcoin’s value proposition.
Source: BTCUSD on TradingView.com