Exquisite Goods > Uncategorized > Biden tax plan could have negative consequences for Bitcoin and positive for Ethereum! How?
By February 21, 2023 Uncategorized 0 Comments

Biden tax plan could have negative consequences for Bitcoin and positive for Ethereum! How?

US President Biden’s tax plan is effective in the correction that has been effective in Bitcoin and crypto money markets in recent days.. The Biden plan may have different effects on Bitcoin and Ethereum.

The Biden tax plan could have negative consequences for Bitcoin and positive for Ethereum! How?

Extraordinary activity has been experienced in Bitcoin and crypto money markets in the last week. Serious correction observed in the market. Total cryptocurrency market cap has dropped from over $2 trillion to $1.8 trillion. There was a contraction of over 200 billion dollars in the market.

It was claimed that the scandals in several Turkey-based cryptocurrency exchanges were effective in the turbulence in the crypto money markets.. However, the most influential factor is the US-based tax plan.

Biden is working on a double tax plan to affect the US rich. In the statements made, taxation will not affect families with an annual income of 400 thousand dollars or less.. However, individuals with an annual income of 400 thousand dollars or more may face a heavy tax burden.

The incomes of Bitcoin whales are estimated to be above 400 thousand dollars mostly. In this process, whales are among the claims that they have / will sell their Bitcoins.. Some are transferring their assets to off-shore accounts.

Please See: A blow to Chinese Bitcoin miners from the USA!

Especially Bitcoin and crypto money incomes are on the radar of the Biden administration. For this reason, it is claimed that there are serious sales in the Bitcoin markets.. There is a possibility that money escaping from Bitcoin will shift to altcoin markets, especially Ethereum.

A famous analyst summarizes the decision of Bitcoin whales on taxation as follows.

“( Bitcoin) Sales will be very costly in terms of taxes. Therefore (Bitcoin whales) may have to invest their assets on Defi platforms and borrow cash from DeFis in return.”

Considering that DeFi platforms are traded on the Ethereum blockchain, a process may develop in favor of Ethereum.

Historically, changes in tax plans and tax regimes have had radical and unpredictable consequences.. Let’s see how the Biden administration’s new tax plan will turn out.

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Note: Cryptocurrency and Bitcoin markets are highly manipulated and open to speculation.. Our articles should not be perceived as investment advice.

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