Topic: $45 Million: Ukrainian Lawmakers Reveal Big Bitcoin Holdings (Read 586 times)

High ranking officials & people with very high paying jobs all over the world will hold bitcoin. They might not tell anybody about it but many people you wouldn't expect will be holding bitcoin.

I agree it's the best way for those leaders to hide their ill gotten wealth. Actually it is very timely here in our country. There is this chairman of the commission on elections who was reported by his wife. The wife said that he have 30 bank accounts and a hidden wealth of about $20M which he didn't declared in his assets. He countered by saying that it was his family's. That they earned it from forex trading.

If only he and his family knew about btc I don't think he'll be facing those charges right now.

Of course they are no difference since they are human too, worst is that they are more corrupt than normal employee.   

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Anyway knowing that some Ukrainian Lawmakers are holding bitcoin, then this will at least give an impact to their citizen.  Definitely this is a positive thing since this simply encourage ordinary citizen to also have an holding of Bitcoin.

It is actually very common :

https://qz.com/1042735/a-government-worker-in-new-york-city-was-fined-for-mining-bitcoins-on-work-computer/

http://www.zerohedge.com/news/2017-01-30/former-fed-employee-sentenced-running-bitcoin-mining-software-fed-computer

http://www.businessinsider.com/researcher-bitcoin-supercomputers-2014-6

https://news.bitcoin.com/rogue-silk-road-agent-admits-to-stealing-bitcoins-seized-by-u-s-marshals/

So, now you can see government employees are not any different from any other employee. 

This shows just how much Bitcoin has already steeped in different social strata. If parliamentarian already have great confidence in Bitcoin, then there are already doctors, managers, businessmen, etc. We just do not know that they hold Bitcoin. The acceptance is progressing, which I find very positive.

and governments don't like this...

http://www.investopedia.com/news/us-government-demand-monitoring-cryptocurrency-transactions-trump-senate-bill/?partner=YahooSA&yptr=yahoo

U.S. Demands International Monitoring of Cryptocurrency Transactions

In the midst of heated political tensions in the United States and abroad, news that President Trump recently signed a foreign sanctions bill that stipulates governmental monitoring of cryptocurrency transactions may have passed under the radar. U.S. Congress passed the bill last month, and it was specifically designed with Russia, Iran, and North Korea in mind, according to a report by Bitcoin.com. What is the thinking behind the bill, and how might it change the way that the crypto space operates?

Bill Aims to Battle "Illicit Finance Trends"
The ostensible goal of the bill is to require that Iranian, Russian, and North Korean governmental agencies monitor cryptocurrency transactions and circulation patterns in order to battle what it describes as "illicit finance trends." As part of the stipulations of the bill, governments must develop a specialized national security strategy aimed at battling the "financing of terrorism and related forms of illicit finance." As part of these requirements, governments must monitor "data regarding trends in illicit finance, including evolving forms of value transfer such as so-called cryptocurrencies."

The bill is notable in that it does not specify how the U.S. government itself will monitor those digital currencies going forward. It seems to suggest that the U.S. government has a desire to monitor transactions of that type occurring on U.S. soil, although there is no sign as of this writing that the government will be adopting a more aggressive crackdown strategy.

National Security Concern
Former CIA counter-terrorism analyst Yaya Fanusie describes the threat that cryptocurrencies might pose to anti-terrorism agencies. "The national security concern is not that criminals will use this type of technology--they us all technologies. The policy question is: how do you deal with something that governments can't control?" Fanusie was responsible for tracking down the first verified example of Bitcoin having been used as a fundraising vehicle for a terrorist organization. He recommends that the U.S. government should partner with cryptocurrency developers to ensure that they cannot be used for such illiegal financing means. "Bitcoin is like a rebellious teenager," he explains. "It wants to do its own thing. So what do you do? Do you ban it? No, you want to have a good relationship with it and influence how it develops."

The bill stipulates that an initial draft strategy should come before Congress within the next year, with additional input coming from the State Department, the Department of Homeland Security, and U.S. financial regulators. In the meantime, digital currency security concerns remain a top issue for investors, as hacks remain frequent and difficult to trace or prosecute. Whether these are growing pains for the crypto industry or longer-term issues remains to be seen.

This will happen to most of the wealthiest man on earth because they have their own financial advisor that is telling them that what thing is good for investment in the present time so for me it is okay, their advisers truly believes that Bitcoin has a financial growth potential and telling their bosses to start investing now because they do have money. And lastly it is not taxable compare to other investment.

The country didn't do anything itself.  It was the politicians themselves--and pretty smart ones at that.   Wonder if they got in early or something.  I assume that amount of money goes much farther in Ukraine?   So that makes them pretty much ultra rich.  Crazy to think that's bitcoin's doing.  Me, I'm happy to earn 0.0225BTC this week for posting.   That's generous.   Lol

This insane bull market has made so many people rich.  Ack, the jelly!

Just a few days back there were news reports of the Ukrainian authorities raiding a huge Bitcoin mining farm located somewhere in that country. According to the authorities, Bitcoin is illegal in Ukraine. And at the same time, these lawmakers are allowed to hold Bitcoins?

In fact, a lot of officials around the world can store their illicit income in bitcoins. Perhaps we owe the growth of bitcoin prices. The paradox is that the more money the corrupt officials and drug barons will invest in bitcoin the more we earn on the price increase.

Question,

Do you guys think the taxman like this invisible money ?
How long until some country requires civilians to disclose any bitcoin wallet they own ?

I am sure that these three legislators are good investors and there are really people working with and for the government who are into investments and as long as what they invested is not the money of the people then we should appreciate that they also include Bitcoin on their battery of investment vehicles.

This has just become a news because Bitcoin is relatively new to many people and it rings something on the ears. We just hope that other government officials would be much open to Bitcoin because there are three here who believe on Bitcoin and invested their hard-earned money on it.

This made me think how big of a media coverage will get the first high profile divorce where one of the parts is hiding/trying to hide assets in crypto. Will be quite the show...

Yes I wouldnt be surprised either.
Its a nice little "invisible" asset to have as a secret from
Government, Boss', Wife's or whoever you want to hide funds from!

These are the guys who can make big gains from small movements
in bitcoin and who are probable influencing the market to a degree
when they do especially as a collective unit.

I do agree with your ideas because of the fact that  they already know it was good to invest in Bitcoin rather than fiat money which the government always do something like reality check and they can track your funds stored in banks. I think they just want some privacy since Bitcoin is decentralized and not controlled by government that's why they tend to hold large ammount of it for safety or they just study and really interested in investing Bitcoin for future purposes.

There's tons of people holding big amounts of BTC that will never admit it publicly. If you have friends in the finance sector, specially in places like Wall Street or London City, if you ask privately they may reveal big Bitcoin portfolios (and some even hold some alts).

There's this arms race to store as much BTC as possible by the smart money and no one is admitting it to stay under the radar and try to not overhype it to accumulate as much as possible at the lowest possible prices.

People that stay in denial about BTC for much longer will end up buying at 5 to 6 figures a coin.

I just hope they use those riches into something useful in their country. They are lawmakers and I hope they will be helping a lot of people under their umbrella. It is really amazing knowing people like them being a millionaire using this not that popular digital currency.

Probably the same applies to a significant number of influential persons. After all, Bitcoin provides the much-needed safety from taxes. It ensures protection in a way. If you have to flee the country, you don't have to worry about losing a large part of your accumulated fortune, you just need to keep your btc)

Dictator starter pack: 2 golden pistols and 10k bitcoins

This just goes to show how sane it is to keep an asset that is free from the chains of the government when all hell break loose on the looming financial meltdown. Even lawmakers got their own share of bitcoins which is pretty surprising since they tend to always go against it.


Of course there would be some, especially in pro-bitcoin countries like Japan and Australia. It only becomes somewhat a 'problem' for other people when these officials have a holding that's worth over millions.