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Bitcoin [BTC] and the cryptocurrency industry is not being helped by defaults on tax payments: Bittax

Jibin M George



Bitcoin [BTC] and cryptocurrency industry not helped by defaults on tax payments, says tax firm Bittax
Source: Pixabay

In a statement that could incite a reaction from many who adhere to the strict tenets of cryptocurrency, a tax firm has suggested that anti-establishment attitude and defaulting on taxes owing to any Bitcoin or cryptocurrency transactions will only contribute to the slower adoption of cryptocurrencies on a wider scale.

The cryptocurrency tax firm, Bittax has said that doing so will only force governments to impose more and more roadblocks on the path of wider recognition and adoption of cryptocurrencies. It is essential that digital currencies such as Bitcoin go through the regulatory networks of tax laws and anti-money laundering initiatives, said Bittax’s Vice President Lokay Cohen.

He further went on to say that an improving regulatory mechanism for the cryptocurrency market offers better protection for traders. In a final blow to crypto-advocates, Cohen also warned that soon, an intergovernmental data sharing protocol will be in place, making transactions made in Bitcoin or other cryptocurrencies not as anonymous or secure from third party regulation as its supposed to be.

These statements are likely to get some reaction from many. Cohen’s statement implies the possible intervention of a third party in what is a completely decentralized market. This prediction will do little to rebuild confidence in what is still a struggling cryptocurrency market.

Cohen’s statement is also bad news for the many who were found to be not registering their cryptocurrency gains and losses with their tax authorities, in a study by Credit Karma. Whether such evasions were willfully done with criminal intent or not, evading taxes on cryptocurrencies furthers the underlining perception among many in the general public about the lawlessness of the cryptocurrency market.

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Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser




'Bitcoin is still going to $100,000', says Max Keiser
Source: Unsplash

CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,

“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.

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