Lol! I don't know why people think they are not going to have to pay tax on their gains. If you pay it on other assets, this seems logical. Or not apparently. People need to plan better to minimise their tax liability. It's what rich people do.
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Sure, but I think the real problem is that the tax itself is causing the market to crash. Then there are people who didn't make anything but still get taxed. It's very dark comedic irony on multiple levels. The government doesn't even accept cryptocurrency as a currency, it's ridiculous.
Is it though? It's been in a downtrend for a couple of months. Plus this assumes that everyone's tax year runs the same as the US, which is not the case.
Is the US tax year contributing to the bear market? Sure, maybe. Is it causing it? I'm not convinced.
Oh I'm not convinced either. I think people try to figure out what news is causing whatever crash or upswing and sometime's there just isn't a reason. The price went up. The price went down. Simple correction.
Still you have to admit that being forced to pay taxes on money that doesn't exist simply because of the way the dates fell is... archaic. Advancing technology points out how inefficient systems of government are and how unable they are to change.
Yeah everyone acts like it was some groundbreaking thing that you have to pay taxes on crpto, crypto is an asset class just like gold silver or anything else.