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