1 Bitcoin equals
$38,983.00 United States Dollar
I'm yo.
This my brother yo
We yo yo
Biden administration calls for cryptocurrency transfers over $10,000 to be reported to IRS.....
The Treasury Department called Thursday for requiring all transfers of more than $10,000 worth of cryptocurrency to be reported to the Internal Revenue Service as part of the Biden administration's proposals to boost tax compliance. The move is likely to spur opposition from crypto investors, who have exploded in numbers in the past few months.
“As with cash transactions, businesses that receive cryptoassets with a fair-market value of more than $10,000 would also be reported on,” the Treasury wrote in a report on tax compliance proposals released Thursday.
The Treasury Department said reporting the transfer of digital coins, such as Bitcoin or Etherium, is needed to “minimize the incentives and opportunity to shift income out of the new information reporting regime.”
Most cryptocurrency transactions are psuedo-anonymous because they obscure the identity of those trading coins, but the blockchain technology that enables cryptocurrencies uses a public ledger that allows for less privacy than some may realize.
In 2020, the IRS already added a requirement for disclosure of cryptocurrency on its Form 1040, the individual tax return, to try to collect more taxes from virtual currency transactions.....snip~
Biden administration calls for cryptocurrency transfers over $10,000 to be reported to IRS | Washington Examiner
Called it.....I said the Deviants would come for the cryptocurrencies. Didnt take long for JoeyB and the Deviants, huh?
History does not long Entrust the care of Freedom, to the Weak or Timid!!!!! Dwight D. Eisenhower ~
Bitcoin equals
$61,476.90 United States Dollars
I'm yo.
This my brother yo
We yo yo
Despite all efforts by the socio-political universe to protect their corrupt incomes , by denying $Bitcoin , it continues to dust itself off , and climb back up. It will hit WallSt soon ......during 2022 it'll probably breach the $150,000 mark . It's an unstoppable force .......but the benchmark price per coin , is but a grain of sand on the beach , compared to the genius of it's capabilities . It's destiny is to become the undisputed universal champion of all reserve currencies , to serve the needs of the human species , as the future unfolds.
Last edited by PJL; 10-19-2021 at 10:59 PM.
Cotton1 (10-19-2021)
Agreed. It's my belief that if we go to a one world currency it will be Bitcoin. If not, Bit is still a huge player. El Salvador recently adopted it as a legal tender, for starters.
As for Wall Street? Interesting you mentioned it as the Bitcoin ETF began trading today so it's already happening.
Per your $150k notion? I wouldn't rule it out either. Many institutional players and retail investors are on the sidelines trying to compare it to traditional investment vehicles such as stocks, gold etc.
That money is still on the sidelines to sponsor a huge run. Nothing whets the appetite for an asset like raising the price. What many have not understood yet is that BTC and other cryptos are a separate asset class of and to themseves. Trying to use a metric that compares Cryptos to stocks is as off the mark as trying to compare gold to stocks. There is no comparison because they are two different asset classes.
Put another way, you will never see gold at $62,000. There's a reason for that. It makes many feel warm and fuzzy but I'm more into making money.
Example: I own zero gold and intend to maintain holding none of it. Why would I want to?
I'm yo.
This my brother yo
We yo yo
Cotton1 (10-21-2021)
I agree. Gold has intrinsic value, but in all actuality is is a poor item in emergency/economic preparedness. You can't eat it, or even readily spend it in most places. At this juncture, I'd not have any gold in my portfolio at all. I'd place bitcoin and litecoin in it's stead.
"For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places."
Ephesians 6:12
Cotton1 (10-20-2021)