Ta the End of the january btc Price might be 30k+
Many Will Buy then and its a tax trap!!
Indeed, in 2014, after going to my CPA for my taxes to get done for 2013, I started mining like hell as a BTC newbie in my basement from Oct 18th, 2013
onward till 2014 and had accumulated a hoard of BTC. Anyway, got my taxes done by her (the CPA) in February 2013. Then the IRS, being the assholes,
that they are, in frigging 10 days...I remember looking was announced 10 days before taxes were due for 2013 the IRS added the mining rules
as income and the rest of such.
https://www.irs.gov/pub/irs-drop/n-14-21.pdf At the same time between Feb 2013 and May 2013..my Banker ...saw I had used a wire xfer
of over 10k for BTC miners overseas, and informed SEC that I was an 'evil' drug dealer or something because in 2013 all BTC was 'evil' to bankers.
I got out of such after the banker tried to screw me with prison while the SEC guy was on speaker-phone by saying he bet I did not do taxes. Thus the CPA
tax saved forms above saved my ass again! Fun times, called him an asshole and slapped down revised Taxes for 2014..the SEC guy was why am I here?
Anyway, sometime before the banker showdown, I go back to the CPA....she reads rules and starts laughing and keeps saying I'm like a Farmer..yeah,
I was confused...but the IRS rules state sure I had to treat mining as income (unlike before when you just had to HODL and pay zip on my previous
unmodified tax return already in)...but I also got to take equipment depreciation and she set me up as a business...so anyway at the end rather than
pay no taxes...I got like $4k back in tax refunds as the small business angle...no cap gains, because I held on to BTC....so trying ....as hell..it worked out,
If the CEO of Coinbase is correct and this dubious rule does come to play to regulate KYC via exchanges on addresses etc, it also IMHO will work out
but will be the usual cluster***k of confusion like my above issues..for more than a few months till resolved in 2021 is my guess.
Anyway, my point is, lots of FUD, stuff, IRS and other things COULD be tossed out in as little as 10 days or less before the Biden Administration comes into office in
2021 just to play monkey wrench in the BTC/Crypto world and to make the Biden Administration deal with this.
I myself, again, IMHO, think that it is likely the CEO of Coinbase is right..and his rumor is likely true (hope I'm wrong though)
and such a cumbersome tracking KYC overreach is likely to be put in place..but again, IMHO, it will be more likely to be killed eventually by the
new Biden Administration..though that may take time..and this FUD may affect BTC price recovery (like in 2014 with IRS rule) for the first 6 months
of 2021.
So BTC/Crypto prices could just sit on hands and go sideways for a few months, again, till resolved by real adults.
So remember, I've seen this probably 1/2 dozen times since 2013...governments
may not be able to stop BTC/Crypto..but they have and probably will use FUD and dubious regulations and laws to muddy the waters on occasion and indeed
this will always affect the price of BTC/Crypto with the uncertainty..so if I am correct and such as the Coinbase CEO says these rules come into play well...
expect a stall in price or dump of price and play the game 'cheap coins' till it is resolved is gonna be my game ...if such is the case...
This use of FUD as a way for big money/govt/super-rich to 'tweak' the BTC/Crypto ecosystem in either a vain attempt at control or a vain attempt to limit the price
pump and speed/or speed of adoption and or influence of BTC/Crypto in the future...always fails. It sucks and is painful and sometimes scary though.
So FUD and FOMO will always be with us, though again, if they pass this regulation it will be a lot more blunt and obvious what the goals are, IMHO,
then in past cases of this kinda thing..at least since I got into BTC/Crytpo in 2013.
Bitcoin: Always doubters...Always drama!
Brad