Just think of all the untaxed capital gains....
just a thought....
but I will NEVER sell my bitcoin or ethereum, for exactly that reason. I refuse to let the government have one red cent for something that they contribute nothing to, and in fact, actively hinder.
But if I get to the point where I want to access that accumulated value, I will get a loan, using the bitcoin and ethereum as collateral, something like 10% loan to value. The whole DeFi movement will make this possible.
And, if the underlying collateral continues to increase in value, then, in few years, you refinance.
Something like that.
But in any event, you are right, there will be billions in taxes paid on this new asset class and its gains.
But paying capital gains is optional. There are ways (legal) around that.
“ Just think of all the untaxed capital gains....
Legally, they are taxed in the US as an asset.
This year you have to go on record on page 1 of the tax form.
And Bitcoin is not private.