Bitcoin Forum

If the America tax reform bill pass, then the price of USD will rise, could it affect the price of bitcoin?

The real winners will be the corporates, more annual income. Does this will give the jobs back to the USA? No, the taxes may decrease by 5-10% jobs are still 50-70% cheaper in  Tier 3 countries. It won't encourage to create jobs in the USA
For the middle-class Americans, it's not going to help a lot, the prices keep increasing.
Better to cancel those outrageous loans for students, with outrageous rates, it may be better to start with, if they want to make America great again

I don't see how it can make the U.S. dollar rising, or how it can help bitcoin nor either
the only thing it can do is making simple to report taxes incomes

Even if we consider for a moment that these changes could lead to a slightly stronger dollar, I can't see any reason it could affect the price of bitcoins significantly. Sure there may be slight decrease but since that means people in the US may be able to buy more bitcoins, I suppose they'll just cancel each other out.

Only Short-term effect. Just as it happened with China with cancellation ICO.
History shows that the bitcone is not afraid of anything. Correction and growth. That's what awaits us.

Irrelevant. Anyone that is not an idiot knows that the USD is not looking too pretty when compared to bitcoin:

https://i.redd.it/a582ruk7ta101.jpg

Everytime someone that has no idea about what money is and looks at the bitcoin all time graph and asks "is this sustainable"? then just show them this graph, and you will realize how bitcoin is just a reaction to that graph, which means we are going higher and higher because they will hyperinflate fiat into oblivion, to our benefit.

I think it may have some effect. Nowadays, many countries have already regulated bitcoin use and some are even beginning to entertain the idea of imposinf tax on it. I think that if it will be taxed, it can affect how people will see it since it will become more legal and formal in the eyes of people, since their government taxes it. However, many may jave qualms with investing on it due to the imposition of tax.

Well I don't think that the rise in the price of USD will affect bitcoins in any way.. as far as I know both things are preety different thus there is no way that its.. Going to affect bitcoins in a positive or in a negative way.

Also.. the ecosystem of both the USD and the bitcoins are way too different to intervene...

Bitcoins are non centralized and entirely different from the dollars.. it can't affect in any way... The price of bitcoins nor is it an investment strategy of the mass nor is it..the governing authority of the world.

It may effect the price of USD but not bitcoin, they can't tax bitcoin over the network unless or until they are exchanged into USD or other paper currency, it is too difficult if they try to do so. The taxation policy of several countries which applies tax over bitcoin is basically the tax on USD which are being exchanged with bitcoin.

No unless they are planning to bring income from bitcoins under the scope of tax reform. Because many people buy it just to evade taxes and at the same time get good returns on their money. But if they are planning not to bring it under the bill then it becomes absolutely irrelevant to bitcoin.

You can't directly say USD will increase after that tax thing. We can never know this, and the effect on bitcoin is also unknown. The relationship is more complicated between USD and bitcoin.

Seems like the probably will in the future though right? I don't see why the US would ignore the idea of Bitcoin being used by a vast majority of the country. It's problematic for the government; they need to get their money back somehow otherwise there won't be any funding.

To some extent it may affect bitcoin price and I don't think that the infect will last long as there is a clear evidence that bitcoin can survive under any pressure especially the one from governments.  The reform is going to cause dollars to raise and this market is one pair market that is when bitcoin is increasing in value dollars are reducing in value and when dollars become strong bitcoin most become weak. This is how it works.

I wonder anybody believes that the dollar will be expensive? This one reform is not enough. The economy is expected to show a stable growth of at least 4-6%. We see that in recent years the US debt is growing. They have the largest national debt in the world. In such circumstances, the dollar will rise?

No. There's no changes to how investment assets are treated in the tax code.

The price of USD likely won't be affected by the American tax reform bill.

There's ZERO causal relationship between the America tax bill and the USD value of Bitcoin, I promise you.


However, if rich people have more money lying around because they get to pay less taxes, they could use that money to buy bitcoin...which would help support or increase the price.

I don't think so. One of the great things about bitcoin is that it is decentralized so it's not really tied to political decisions that don't affect it directly. If we talk about bitcoin regulation, then of course it affect bitcoin price, but if it's just internal politics, then I doubt it will have any effect at all. If the dollar rises, there could be a slight adjustment in the exchange rate of the pair Dollar/BTC, but since they will probably just buy more, I think these effects will disappear without we even noticing them.

Any and all tax cuts will likely contribute towards a stronger US economy. The big government system of taxation is inefficient and wasteful. High taxes strangle economic growth, restrict innovation and industry advancement and kill job markets.

One of the major issues with taxes is, large corporations like google and apple receive big tax breaks. They also have the construction of their facilities paid for under tax subsidies. This can make it impossible for small businesses which do not receive these tax cuts or subsidies to compete. This precedent greatly reduces the effectiveness of the taxation system as it functions moreso as a system of wealth redistribution which collects money from the poor and redistributes it to the wealthy, the opposite of what robin hood supposedly did.

I haven't kept up with all of the revisions on the tax reform bill. Originally, Donald Trump wanted the poorest americans to pay around 5% income taxes and redistribute the tax burden to the wealthy with tax cuts intended to reduce the amount of tax evasion, tax loopholes and tax shelters resorted to by one percenters. A tax plan that was effectively utilized by Ronald Reagan in the 1980s.

Tax cuts empowering a stronger US economy could have a positive effect on the price of bitcoin. Its difficult to say what the net end result would be if any. It might make no difference.

I agree, I don't think this will be one of the factors that will affect the price of BTC. I think we need to be watching December 18th for the CME futures to come online. I believe this will weigh in the price of BTC globally.

I don't think that any one act of government at this point, unless it directly relates to cryptocurrency that is, will have much of an effect on the Bitcoin price. There are hundreds of billions invested into crypto now. I am quite surprised it isn't more actually. I mean there are a few Humans that are alone worth that amount (well, I mean combined, those few alone). If you think about that then there is tons of room for growth still.

In my own thought that america tax reform bill cannot influence in the worlds of digital currency because it is separated part the law of america and the cryptocurrency.bitcoin is decentralized and cannot monopolize by one person or government that even there's a law impulse to that community or country the digital currency is still disame  and its continues there everyday business exchange.