This year, the price of Bitcoin and cryptocurrencies skyrocketed, thrusting Bitcoin into the spotlight and prompting Donald Trump to make a surprise crypto switch.
Subscribe now Forbes Crypto Assets and Blockchain Advisor And, ahead of the approaching Bitcoin halving earthquake, we will “reveal a blockbuster block chain product that can expect profits of over 1,000%''!
This week, Bitcoin prices topped $73,000 per Bitcoin, surpassing the all-time high set in 2021, and a small It is pushing up the prices of virtual currencies Ethereum, XRPXRP, and Solana.
Now, as Tesla billionaire Elon Musk makes a dramatic return to the crypto front, US President Joe Biden has vowed to “destroy” US cryptocurrencies and “defund billions of dollars of investors.” He has been accused of trying to “wipe out value.”
Sign up for free now crypto codex—Stay informed and ahead of bull runs in the Bitcoin and crypto markets with our daily 5-minute newsletter for traders, investors, and crypto enthusiasts.
The Biden administration this week reintroduced a controversial proposal to tax Bitcoin and crypto miners that use high-powered computers to secure crypto networks and verify transactions.
“A company that uses computing resources to mine digital assets, whether owned by the company or leased from another company, is subject to an excise tax equal to 30% of the cost of electricity used to mine digital assets. “imposition will be imposed,” the U.S. Treasury Department wrote. Revenue plan for 2025.
Taras Kulik, CEO of mining hardware company Sunnyside Digital, said, “A flat 30% federal tax on digital mining would certainly decimate the sector and cost billions of dollars to the United States.'' Investor value would disappear virtually immediately.” DL News.
The Digital Asset Mining and Energy Tax (Dame), first proposed a year ago, would impose a 30% excise tax on the electricity costs of Bitcoin and cryptocurrency miners, and would be used to increase the amount of money exported from China when it cracked down on miners. likely to be forced to flee. 2021.
Globally, Bitcoin miners are thought to use as much electricity each year as some small countries, and post-China, most of the world's Bitcoin mining now occurs in the United States. There is.
Sign up now crypto codex—Free daily newsletter for those interested in cryptocurrencies
“A proposed 30% punitive tax on digital asset mining would destroy any foothold the industry has in America,” said pro-Bitcoin and crypto-currency Sen. Cynthia, R-Wyo.・Mr. Lummis is Posted To X.
Lummis added that the White House budget is “incredibly bullish on crypto assets” due to expectations for future tax revenue collected.
“Biden's 2025 budget is very bullish on Bitcoin,” said Pierre Rochard, vice president of research at Bitcoin miner Riot Platforms. Said A slightly jokey post about X. “They're counting on tax revenue.”
follow me twitter.
