This tax increase is due to the Bitcoin price which has become increasingly popular in recent months. Even people are starting to get into crypto because crypto looks more promising.
Joe Biden's plan to raise the profit tax on investment in America has a negative effect on the price of bitcoin and of course the price of bitcoin has dropped again.
But according to some traders the effects of this tax increase will only last temporarily. The price of bitcoin will recover because of the very strong community support and some major adoptions that have been made.
Topic: Peter Brandt believes that Biden may do a lot of damage to bitcoin (Read 494 times)
April 28, 2021, 04:37:16 PM
The market is down a bit based on the Bitcoin tax policy that US President Joe Biden formulated a few days ago. Many believe that Joe Biden's policy has led to the collapse of the Bitcoin market, while others believe that Joe Biden's policy will enrich Bitcoin.
I'm now having that thought that the recent correction wasn't caused by this news about Biden's tax raise but due to the sell off made by Tesla.News and implications about taxation and capital gains won't take effect if it's not yet official. The most likely reason why there's a sudden correction was due to the sell off and let's say there's also a pressure from that news but I'm thinking that it's more of a whales sell off.
This is one of the cons when big players or holders in this market tend to decide on selling off their stashes.Even though its just been a part of their total holding but still can make out some significant
impact in the market.Well, its their money and just secure their profits which is a common action for someone to take if i were an investor.
Expect that there would be similar instances if the case that bitcoin hits up 100k price point or level.
But as always, these institutions and big investors won't take the profits for granted. They'll always there to secure themselves and won't miss any opportunity that they should.
Maybe after they've sold, they've also bought it back just as the market has recovered already.
April 27, 2021, 10:10:02 PM
Yeah, he will do it if he wants to loose in the next election? There is huge amount of money thats spent on the election rallies and advertising which basically comes from the billionaires and millionaires who are willing to expand their business territory to the nationwide. This is always possible with the political support. So this is a kind of transaction which says 50-50! We invest in you and in return you give us what we want.
Now if he imposes something off the chart and damaging to the business of these people then surely he gonna get pay for the same. Bitcoin is way ahead of everything right now, from street person to richest person knows it and wanna have it. The infra is growing day by day and it's almost impossible it take it down from the intranet now. Biden may not get approval for this from the public point of view.
Now if he imposes something off the chart and damaging to the business of these people then surely he gonna get pay for the same. Bitcoin is way ahead of everything right now, from street person to richest person knows it and wanna have it. The infra is growing day by day and it's almost impossible it take it down from the intranet now. Biden may not get approval for this from the public point of view.
April 27, 2021, 09:56:33 PM
Damn 39 to 55% tax rate? that's insanely huge! If it's really implemented, no wonder if many people lose their interest in investing or even sold their investment. And of course for sure it will affect bitcoin negatively. For what reason though he increased that much? Wouldn't it just cause uproar? He should realize that it will only bring destruction whether it's short term or even long term. I hope it won't ever happen since i don't want to see bitcoin getting ruined twice.
April 27, 2021, 09:07:38 PM
The recent Bitcoin revenue tax policy proposed by Joe Biden has been able to bring about a major change in the Bitcoin market. As a result of his policy, the Bitcoin market had to go down from $ 60,000 to $45 45,000. Undoubtedly like a thunder signal in a cryptocurrency market.
April 27, 2021, 08:51:57 PM
He's actively making moves against investment firms which is inevitably hurting the bitcoin industry as well. He may have overlooked the welfare of small-time investors like us which could definitely kill off the hope of bringing investment to the common people. Then again, this is the sad reality.
Why do so many people feel that US is the only country involved in the manipulation of cryptocurrencies like BTC etc? There are many other countries involved too people which is why the President of the USA(Whoever it is) is not solely responsible for BTC volatility.
A correction was always expected after the recent bull-run and the tax gain proposal was the driving factor for it plain and simple.
Bitcoin has huge traction here in the US. Truth be told, aside from Nigeria, you would see bitcoin being operated in America itself. That's why regulations like this, affects bitcoin in a very impactful way. Although of course, the possibility of the correction coinciding with these news and issues is there. A correction was always expected after the recent bull-run and the tax gain proposal was the driving factor for it plain and simple.
April 27, 2021, 06:35:46 PM
The market is down a bit based on the Bitcoin tax policy that US President Joe Biden formulated a few days ago. Many believe that Joe Biden's policy has led to the collapse of the Bitcoin market, while others believe that Joe Biden's policy will enrich Bitcoin.
I'm now having that thought that the recent correction wasn't caused by this news about Biden's tax raise but due to the sell off made by Tesla.News and implications about taxation and capital gains won't take effect if it's not yet official. The most likely reason why there's a sudden correction was due to the sell off and let's say there's also a pressure from that news but I'm thinking that it's more of a whales sell off.
This is one of the cons when big players or holders in this market tend to decide on selling off their stashes.Even though its just been a part of their total holding but still can make out some significant
impact in the market.Well, its their money and just secure their profits which is a common action for someone to take if i were an investor.
Expect that there would be similar instances if the case that bitcoin hits up 100k price point or level.
April 27, 2021, 06:30:44 PM
The market is down a bit based on the Bitcoin tax policy that US President Joe Biden formulated a few days ago. Many believe that Joe Biden's policy has led to the collapse of the Bitcoin market, while others believe that Joe Biden's policy will enrich Bitcoin.
I'm now having that thought that the recent correction wasn't caused by this news about Biden's tax raise but due to the sell off made by Tesla.News and implications about taxation and capital gains won't take effect if it's not yet official. The most likely reason why there's a sudden correction was due to the sell off and let's say there's also a pressure from that news but I'm thinking that it's more of a whales sell off.
April 27, 2021, 05:54:41 PM
Its up to you whether or not you want to take Trump's word seriously. Fact is he said it. Whereas Biden has been mum about bitcoin.
Brilliant.... I wonder since when have tweets become evidence.In that tweet Trump never said that he hates Bitcoin (that is your twist) just that he is not a fan of Bitcoin, and actually Biden also has one tweet claiming that he does not own any Bitcoin, so someone could twist that also.
Imagine being in office as vice president from 2009 to 2017 and not a single word about Bitcoin... so dumb and stupid
If you look back at what I said, I never claimed Biden is "good" for bitcoin. I just said he wasn't as bad as Trump, and it makes no sense to attack Biden when he hasn't said peep on the issue.
Yes, because Biden can only read script and talk about Dark Winter, climate change, covid and his hairy legs.If you want to hate on the government equally then that's fine with me, but I don't understand what the point of pretending Trump is better on the issue of bitcoin than Biden is when the available evidence suggests otherwise.
I don't know why you use word HATE so much, and I never said Trump is better in any way, actually both of them are bad in their own ways.You are obviously one of those fanatic Biden supporters and I see no point in debating with you about this topic anymore because you are twisting the facts to suit your need.
April 27, 2021, 04:51:19 PM
Why would a rise in capital gains tax affect Bitcoin? Isn't there a possibility to avoid taxes on cryptocurrencies in the US?
Also, it's not like 99% of Bitcoin hodlers are in the US, there are also China, Nigeria, Turkey, etc., and the whales. And even if there's a drop in price due to these tax implications, in time it will only simulate other investors around the world to acquire more BTC.
Also, it's not like 99% of Bitcoin hodlers are in the US, there are also China, Nigeria, Turkey, etc., and the whales. And even if there's a drop in price due to these tax implications, in time it will only simulate other investors around the world to acquire more BTC.
April 27, 2021, 04:17:54 PM
Here's the thing: my assessment is based on concrete evidence whereas yours is based on assumptions. When Biden comes out with a FUD tweet about bitcoin then I'll re-assess my assessment.
What exactly is your evidence? Trumps tweet maybe?
Exactly.
C'mon man, be serious please.
Its up to you whether or not you want to take Trump's word seriously. Fact is he said it. Whereas Biden has been mum about bitcoin. Therefore a conclusion can be drawn based on these two facts alone, regardless of whether or not you desire to make it.
I also have evidence that Biden increased taxes like crazy, and I have evidence that he was vice president from 2009 to 2017 right in the time when Bitcoin was created, when most of the bitcoin was confiscated from people by US government.
He didn't "increase taxes like crazy." Nobody who makes under $400k a year will pay more in taxes, which is the vast majority of Americans. Besides, he hasn't actually done anything yet! This is what I'm talking about, you're getting amped up over a non-event. You should ask yourself why.
https://thehill.com/policy/finance/domestic-taxes/550045-lawmakers-brace-for-bitter-fight-over-biden-tax-plan
Once again, whoever the president puppet is in charge he will always be against Bitcoin and pro infinite fiat money printing, so I see no reason for you to choose less of two evils and to think that one of them is good for Bitcoin.
If you look back at what I said, I never claimed Biden is "good" for bitcoin. I just said he wasn't as bad as Trump, and it makes no sense to attack Biden when he hasn't said peep on the issue.
April 27, 2021, 11:17:05 AM
Why do so many people feel that US is the only country involved in the manipulation of cryptocurrencies like BTC etc? There are many other countries involved too people which is why the President of the USA(Whoever it is) is not solely responsible for BTC volatility.
A correction was always expected after the recent bull-run and the tax gain proposal was the driving factor for it plain and simple.
A correction was always expected after the recent bull-run and the tax gain proposal was the driving factor for it plain and simple.
April 27, 2021, 11:04:51 AM
Case would be closed like this
President works for government which never like or support Bitcoin. Whoever the President is, Trump, Biden, Obama, anyone else the general policy for Bitcoin and crypto currency won't be opened and friendly. They might like (or might not) Bitcoin or cryptocurrency but when they are Presidents, they won't be able to do much and show their personal supports via and Acts or Regulations for Bitcoin.
President works for government which never like or support Bitcoin. Whoever the President is, Trump, Biden, Obama, anyone else the general policy for Bitcoin and crypto currency won't be opened and friendly. They might like (or might not) Bitcoin or cryptocurrency but when they are Presidents, they won't be able to do much and show their personal supports via and Acts or Regulations for Bitcoin.
April 27, 2021, 05:14:38 AM
Here's the thing: my assessment is based on concrete evidence whereas yours is based on assumptions. When Biden comes out with a FUD tweet about bitcoin then I'll re-assess my assessment.
What exactly is your evidence? Trumps tweet maybe? C'mon man, be serious please.
I also have evidence that Biden increased taxes like crazy, and I have evidence that he was vice president from 2009 to 2017 right in the time when Bitcoin was created, when most of the bitcoin was confiscated from people by US government.
He is also strong advocate of climate change and global warming propaganda so I would not be surprised if he bans mining or add new tax for bitcoin mining in United States very soon.
Once again, whoever the president puppet is in charge he will always be against Bitcoin and pro infinite fiat money printing, so I see no reason for you to choose less of two evils and to think that one of them is good for Bitcoin.
April 27, 2021, 04:46:35 AM
Why do people think two seventy something elderly presidents are different from each other just because one elderly who has been in office a couple of years has said something about bitcoin and the other elderly who has been in office for a couple of months hasn't said anything yet?
They may have been competing against each other but they are pretty much the same guy when it comes to a lot of things including bitcoin. They are operating in the same corrupt system after all.
They may have been competing against each other but they are pretty much the same guy when it comes to a lot of things including bitcoin. They are operating in the same corrupt system after all.
That's right, people in politics are changing, but politics remains more or less the same - it doesn't even matter what Biden thinks, but what those who put him in the White House think. Currently, Bitcoin and all other cryptocurrencies bring profit to the US economy whether it is cryptocurrency exchange, mining, funds or thousands of crypto ATMs across the country. This is far from the threat that some are emphasizing at the moment, talking about some radical moves that could be made by the American administration.
Biden has much bigger problems than taking action against or in favor of what some of their politicians see as just a small baby in terms of some kind of threat to the US dollar.
April 27, 2021, 04:32:19 AM
I can't put aside either of those things because that's all you need to know. Biden is de facto better on bitcoin as Trump has denounced bitcoin and Biden hasn't.
No he is not, and that is the fact because he was part of same US government system for 40 years, in office as vice president from 2009 to 2017 and done nothing for Bitcoin, except maybe ordering FBI and other agents to shut down Silk Road,
and if you want to continue talking about politics and politician puppets and support them, than you should go to Politics & Society board.
Well I mean the thread title does have the word "Biden" in it, but this issue is indeed more about bitcoin than politics. Here's the thing: my assessment is based on concrete evidence whereas yours is based on assumptions. When Biden comes out with a FUD tweet about bitcoin then I'll re-assess my assessment.
Any government in the world would have been in favor of shutting down Silk Road. Interpol works with various law enforcement agencies around the world to shut down darket markets, with just as much impartiality as U.S. LE agencies do.
Ironically I'm the one here attempting to call out the effects of political brainwashing. My beef isn't with Republicans, its with people who get afraid of things that aren't actually happening.
April 27, 2021, 03:38:33 AM
The market is down a bit based on the Bitcoin tax policy that US President Joe Biden formulated a few days ago. Many believe that Joe Biden's policy has led to the collapse of the Bitcoin market, while others believe that Joe Biden's policy will enrich Bitcoin.
April 27, 2021, 03:28:33 AM
I can't put aside either of those things because that's all you need to know. Biden is de facto better on bitcoin as Trump has denounced bitcoin and Biden hasn't.
No he is not, and that is the fact because he was part of same US government system for 40 years, in office as vice president from 2009 to 2017 and done nothing for Bitcoin, except maybe ordering FBI and other agents to shut down Silk Road,
and if you want to continue talking about politics and politician puppets and support them, than you should go to Politics & Society board.
They may have been competing against each other but they are pretty much the same guy when it comes to a lot of things including bitcoin. They are operating in the same corrupt system after all.
You can't really argue and talk with closed minded people who have strong opinion about something, and I agree that all of them are part of same corrupt machine.
My late grandparents also didn't have any stance about Bitcoin, so I guess they would be much better as president and vice president
April 27, 2021, 02:21:41 AM
Biden can hardly hold a thought pattern for 5 seconds, so you should not be too worried about him. The real threat come from Butthurt Yellen, because she still wants to take revenge on "The Bitcoin guy" who sabotaged her speech a few years ago.
So you can expect a lot of strict laws and regulations from her Office to reduce Crypto currency use. (Higher Capital gains taxes on Crypto transactions is just one of the things that they will do, to reduce it's use.)
So you can expect a lot of strict laws and regulations from her Office to reduce Crypto currency use. (Higher Capital gains taxes on Crypto transactions is just one of the things that they will do, to reduce it's use.)
April 27, 2021, 01:43:18 AM
Biden is senile old fool so I don't expect him to say anything about Bitcoin or anything tech related, and there is not much difference with all puppet politicians we see on tv.
Right, I'm not offended if that's what you want to believe. I kind of hope Biden never says anything about Bitcoin. That would be ideal. My overall point was that the same people who are quick to hate on Biden are the same people that are quick to support Trump. IMO that renders their judgment extremely suspect.
Put what Trump has said about bitcoin and the cryptospace aside or what Biden is not saying. Would you speculate that Biden is better or worse for bitcoin?
I can't put aside either of those things because that's all you need to know. Biden is de facto better on bitcoin as Trump has denounced bitcoin and Biden hasn't.
Jump to: