??? If they implemented an unrealized capital gains tax, imagine the affect on price that would have as millions of hodlrs unload their wallets to pay their tax bill...even whales and companies would probably have to liquidate...although I would expect there to be exemptions for bitcoin etfs.
They couldn't just single out Bitcoin. That unrealized capital gains tax would have to apply to other asset classes as well, like stocks, real estate, etc. And any government that even attempted that scheme would instantly be overran by the people. There's not a human being on the planet that would want an unrealized capital gains tax on his assets, so any politician that ever tried to push for that agenda would get zero votes.
What % of people even hold bitcoin? It would just be packaged as taxing the elites and putting the money back into the economy. You would have expected same uproar about income taxes being introduced but that never transpired. "Following lengthy debates in the government and mounting public pressure, White proposed the Income War Tax Act, which received royal assent on 20 September 1917. The Act was the first direct federal tax on income, and it was a new source of federal revenue." "In March 1933, the Emergency Banking Act gave the president the power to control international and domestic gold movements. It also gave the secretary of the treasury the power to compel surrender of gold coins and certificates." Feudalism the dominant social system in medieval Europe, in which the nobility held lands from the Crown in exchange for military service, and vassals were in turn tenants of the nobles, while the peasants (villeins or serfs) were obliged to live on their lord's land and give him homage, labor, and a share of the produce, notionally in exchange for military protection.
You say that no human being would be for it but we have powerful elected officials that are floating the idea right now
They just keep raising their break even and taking on risk. You should NOT be dollar cost averaging bitcoin lol.
Yeah, but you're saying that after the forced sale of Bitcoins to cover the tax costs, the government would swoop in and buy all that BTC. That sounds more like theft to me. One thing is for certain. At least in this country, any "tax the elites" agenda will be going nowhere for the next 4 years.
Yes. I said packaged as a tax on the elites. This tax would actually enable elites to purchase bitcoin at a discount, as it would force whales and hodlrs to sell. Or as mentioned they could just do what they did with gold through Executive Order 6102
Why would they need to create liquidity when they already have their own funds? No, we are not going to get a unrealized capital gains tax because haven't you been watching the presidential election and the policies? Kamala didn't win. I can't believe I even have to explain this to you. You haven't done the math, but you think Bitcoin would have to be worth millions to pay off the debt that you haven't done the math with? I don't even need to say anything to that, that comment speaks for itself...
From what I understand, the target is more the billionaires and other uhnw that are borrowing against their stock portfolio or other high value assets to buy yachts, fund their lifestyles, and such mental gymnastics fud going on here if 6102 would be applied to bitcoin that is not even used by any major global central bank, when the low hanging fruit for using 6102 is gold that is 15x bigger market cap and has hit ath recently and which is held by all major global central banks 6102 on bitcoin and all the bitcoiners would catch the earliest flight they can, 6102 on gold, and the gold bugs are stuck filling up their you know what with as many ounces as they can