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Cold storage in a boating accident remains the standard! Unrealized capital gains 101, You bought 1 bitcoin in Sept 2024 for $56k. By the end of the year, it's valued at $100k, but you didn’t sell, leaving you with an unrealized gain of $44k. Under a proposed tax plan, you owe $11k in taxes (25% of $44k). But you didn’t sell, so you don’t have the cash. You pay the taxes out of your savings. You continue to hold until August 2024, and Bitcoin drops to $30k. You LOST $26k on the bitcoin, PLUS you paid taxes on the $44k of “gains” you never actually realized, since they disappeared. Initially, the tax is aimed at $100M+ portfolios, but it sets a precedent. Eventually, it trickles down to everyone. Now, every bitcoiner is at risk of paying taxes on assets they haven’t sold. People stop buying Bitcoin. Adoption "slows" image

Replies (7)

Look I do not see this happening it is just launched to activate voting pools. Campaign strategy. However the fact that it has been brought up in the US blows my mind. The reason why it was brought up to appeal to a certain group of voters in the US just scares the living daylights out of me. What is this socialism current going on, learn history. It did not work. Half of the world failed due to it. The President of the US was called back then: Leader of the Free World.
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↩ replying to Miron Henden ⚡️
this has been proposed like 6 times throughout history. they will keep trying until it is done. slippery slope. it is absurd that this is happening in the usa. indeed, the constitution has been a great tool to counteract this, but the absurdity of proposing such a stupid policy is wild. how can a candidate of the usa have so little understanding of economics?