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MicroStrategy Boss: No-One Can Take Your Bitcoin, Not Even The Taxman

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MicroStrategy CEO Michael Saylor is singing the praises of Bitcoin once more. This time, Saylor talks approvingly of its convenience, as well as its capacity to keep all parties honest.

But above all, in a recent interview, he said no-one can take it from you. Not even the taxman.

“You can tell everyone to go f*ck themselves. You can put it in your head, memorize the frickin key, right, and it’s here. And then, the classic Bitcoiner response is, oh, yeah my Bitcoin, I lost it in a boating accident…”

Tax Proposals Make Cryptocurrency Less Appealing

In recent weeks, the issue of tougher regulation, and more specifically taxation of cryptocurrency, has reared its head. While most people accept taxation as a necessary cost of living within a civilized society, the point in question is, how much is enough?

This is especially relevant considering proposals from the Biden administration, which could see the tax burden of cryptocurrency investors increased. They are considering an all-encompassing wealth tax, as well as a tax on unrealized capital gains.

Professionals claim current guidance on cryptocurrency tax rules is confusing at the best of times. What’s more, the matter is compounded by a whole host of innovations such as chain-splits, airdrops, token swaps, and staking, which require tax authorities to rethink their rulings.

When combined with more tax proposals, the prospect of investing in Bitcoin and cryptocurrency is much less appealing.

Saylor Claims Despite Threat of Regulation and Taxation, Bitcoin is Still The Superior Investment Strategy

With this in mind, the MicroStrategy CEO courted controversy by saying if his tax burden were too much, he would say he lost his Bitcoin.

“At the end of the day, if you push me too far, I lost it, it’s gone, sorry. Tax that.”

More than likely, Saylor’s comments were made to push the envelope in illustrating the irrelevance of tax and regulation against the bigger picture of Bitcoin’s investment potential.

When asked about regulatory clampdowns on Bitcoin, Saylor passed it off as FUD. And more importantly, FUD that’s based on things that haven’t happened yet, and may not happen at all.

“Over the next decade, the most logical challenge for people in the Bitcoin community is regulatory FUD. You’ll just see fear, uncertainty and doubt about, what if a regulator does something that’s bad. I don’t know what it is, but what if they do it.”

His underlying message was that as a superior store of value, Bitcoin will still appreciate regardless of how regulators and tax authorities treat it.

“If Bitcoin is [a] better store of value than bonds, stocks, real estate, gold, silver, and derivatives, and every flavor of cash, then there’s no reason why it shouldn’t absorb $100 trillion of monetary energy, regardless of, what if you apply all the regulations to it…”

Recent murmurings of tax increases for cryptocurrency investors have created a sense of FUD. But, as Saylor points out, long term, this has no bearing on Bitcoin’s store of value proposition.

Bitcoin daily chart

Source: BTCUSD on TradingView.com

Source: https://www.newsbtc.com/news/bitcoin/microstrategy-boss-no-one-can-take-your-bitcoin-not-even-the-taxman/

Blockchain

What Coinbase Going Public Could Do For Crypto

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Messari Values Coinbase At Nearly $30 Billion As The Bitcoin Exchange Prepares To Officially Go Public

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Coinbase, the biggest US-based cryptocurrency exchange has disclosed its detailed plan for the upcoming direct listing on the stock market by Nasqad. Coinbase submitted an S-1 report to the US SEC outlining key information such as revenue and ownership structure for investors to carry out due diligence on the company.

According to the document, Coinbase has 43 million verified users and an average of 2.8 million transactions per month. In 2020, the company returned a net income of $322 million from total revenue of $3.4 billion, with transaction fees constituting 96% of the net revenue.

Coinbase which makes most of its profit from bitcoin and Ethereum transactions, also saw a 56% increment on its $1.1 billion direct revenue for 2020 compared to $482 million in 2019.

The company incurred a total of $880 million in expenses for 2020, most of which went to sales, general administrative expenses, and research and development. Transaction reversal costs miners fees, staking fees, and verification expenses constituted $135 million of the total expenses,

Coinbase also made $533 million in 2019, against $579 million in operational and development costs, leading to losses totaling $46 million.

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Coinbase to Usher Crypto’s Real Mainstream Adoption

The report indicates that much of the revenue for 2020 was generated from institutional investors’ activity in the crypto market but with higher retail activity in Q4 2020 than in previous quarters.

Coinbase’s debut as the first publicly listed crypto-exchange in the US is estimated to be one of 2021’s largest new listings of the tech industry. This will have a huge positive impact on the crypto market investors and blockchain technology backers.

According to the crypto trader and analyst Rekt Capital, the public listing will officially open up cryptocurrencies to the public.

“Coinbase going public is another way of saying crypto is going public.”

Coinbase Becomes Decentralized

The update comes a month after Coinbase chose Nasdaq as its direct listing avenue on February 1, following a secondary Coinbase stock launch by Nasdaq Private Market on January 25.

Now that Coinbase has moved to a remote-first environment without headquarters in any city, the company is referring to itself as a decentralized company. Up to 95% of Coinbase employees have the option to work at home, in a post-office world setting, or a mix of both.

“since we’ve made the decision to go remote-first we’ve decentralized ourselves; even after people can safely return to offices, the executive team has no plans to be “in-office” on a regular basis,  and none of them currently live in San Francisco.”


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/what-coinbase-going-public-could-do-for-crypto/

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3 types of bitcoin investors that ‘should be concerning to central banks’

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With 106 million global crypto users as of January 2021 and a crypto population that has now surpassed 100 million, a financial expert noted that central banks must now be wary of certain crypto investors. In a new seminar held by the University of Pennsylvania’s Wharton School, part-time professor, Mohamed El-Erian, who is also Chief Economic Adviser at Allianz said that Central Banks should be careful about three specific groups of Bitcoin investors. 

He explained that while the first group of people is investing for positive reasons, the second is motivated by negative factors to adopt Bitcoin. The positive investors “truly believe Bitcoins will become money ”or “a currency as opposed to a commodity.” 

However, El-Erian cautioned that central bank authorities must keep watch on those “being pushed out of everything else and pushed into Bitcoin”, forming the second group that the expert earlier mentioned. 

They look to Bitcoin in order to protect themselves from government investment options, which some investors believe has been “artificially jacked up.” Interestingly, a recent survey found that people aged over 55 opted for Bitcoin due to a fear of currency devaluation – as central banks have historically printed more money to boost economies. The expert said that such people are forced to invest in the asset because “they don’t know how else to mitigate risk.” 

Do you really want to invest in a government bond whose price has been? So ‘let’s diversify, let’s put 2% into Bitcoins.’

El-Erian further categorized “speculators” as the third type of investors, who face profits and losses albeit “in a single day.” According to him, all three types of investors “should be concerning to central banks.”

When it’s trading above $50,000, all three messages are problematic for central banks. So, we are going to see central banks look increasingly at cryptocurrencies as something they should be involved in, and not just stand on the sidelines.


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Source: https://ambcrypto.com/3-types-of-bitcoin-investors-that-should-be-concerning-to-central-banks

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Exchange listings and NFT boom back Enjin’s (ENJ) 52% rally to a new high

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Non-fungible tokens (NFT) are rapidly becoming a focal point of the cryptocurrency market as evidenced by stories of millions of dollars being raised in minutes for one-of-a-kind tokenized art pieces and rare collectibles that traders rush to get their hands on. 

One project that has been benefiting greatly from the resurgence of NFTs is Enjin Coin (ENJ), which broke out to a new all-time high of $0.67 on Feb. 25 following its listing on the Crypto.com exchange as well as the launch of spot and perpetual futures trading on FTX.

Data from Cointelegraph Markets and TradingView shows that ENJ rose 52% from a low of $0.438 on Feb. 24 to a new high of $0.67 before experiencing a pullback to its current price of $0.611.

ENJ/USDT 4-hour chart. Source: TradingView

A scroll through the project’s Twitter feed details numerous recent partnerships and integrations that have helped fuel Enjin’s price rise.

Minecraft is one of the most notable integrations for the Enjin ecosystem and users are able to earn special NFTs that unlock secret games inside the video game series.

The platform has also benefited from joining forces with the growing ecosystem of the Binance Smart Chain (BSC), which has launched an NFT educational campaign that Enjin will be part of.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ENJ on Feb. 24, several hours before today’s price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of the historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. ENJ price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ score for ENJ reached a high of 70 on Feb. 24, shortly before the price began to spike to a new all-time high on Feb. 25.

The growing popularity of the NFT space, along with numerous big-name partnerships has Enjin well-positioned as the current bull market cycle progresses into 2021.

Its recent integration with the BSC provides a way to escape high fees on the Ethereum (ETH) network and could bring a new wave of activity to the Enjin ecosystem.

Source: https://cointelegraph.com/news/exchange-listings-and-nft-boom-back-enjin-s-enj-52-rally-to-a-new-high

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