Bitcoin, Hard Money, and TAXES
A word....
BTC is hard money with friction free transactions.
By existing, it will force Gvt to adopt hard money policies, or lose control of their fiat.
That has a HUGE consequence that crypto people hate talking about. Taxes.
Gvts will need to reshape their tax base, and crack down on leakage. The most simple way for them to do this is enhanced financial monitoring, tracking, KYC and tighter AML, including being able to track back to source wallets.
Long term, financial privacy is dead. BUT ALSO, rich person loopholes and deductions will get closed, so more equitable.
A word....
BTC is hard money with friction free transactions.
By existing, it will force Gvt to adopt hard money policies, or lose control of their fiat.
That has a HUGE consequence that crypto people hate talking about. Taxes.
Gvts will need to reshape their tax base, and crack down on leakage. The most simple way for them to do this is enhanced financial monitoring, tracking, KYC and tighter AML, including being able to track back to source wallets.
Long term, financial privacy is dead. BUT ALSO, rich person loopholes and deductions will get closed, so more equitable.
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