Peter Brandt believes that Biden may do a lot of damage to bitcoin

[Leviathan.007]

Legendary trader Peter Brandt, an old trader, told the community via Twitter that President Joe Biden could have many negative consequences for the cryptocurrency, bitcoin.
Brandt warns that Biden could do a lot of damage to bitcoin.
He published a link to the Wall Street Journal on Biden's proposal to raise capital gains taxes to 39 percent, and as Brent points out, in some states the figure could even rise to 55 percent.
At present, the capital gains tax is a maximum of 20 percent, while the highest rate for wages or business profits is 37 percent.
If Biden's proposal is approved, high-income families will see the end of their investment planning, and business owners will transfer less wealth to their children.
“If Mr. Biden and the Democrats are successful, the resulting changes would upend investment planning for high-income households and make it more difficult for business owners to pass assets to their children.”
As previously reported by U.Today on April 22, the news of Biden's capital gains tax led to a drop in the price of Bitcoin from $ 55,000 to about $ 48,000.
Cryptocurrencies, such as Ethereum, Ripple, etc., followed this pattern.



Brandt says bitcoin is still bullish.
Peter Brandt also wrote on Twitter that despite this news, he will still see the bullish(and libertarian) bitcoin, and this tweet does not show the bearish market in bitcoin.
Bitcoin remains one of Peter Brandt 's greatest assets.



Source: https://u.today/peter-brandt-believes-bitcoin-may-suffer-a-lot-from-biden-presidency-heres-why

[tranthidung]

The market does not must repeat its history but if history will be repeated, Bitcoin will have to go through months of corrections. Like in 2017, the conflict of consensus for Segwit made the market falls into a very chaotic period. You all know, after all conflicts, months after the Segwit activation and almost 40% of correction, Bitcoin rose four-fold and touched its 2017 all time high.

• The bull run after the halving in May 2020: has risen too fast and much faster than the 2016 - 2017 bull run.
• What Bitcoin has reached so far in this bull run is out of my expectation and many of others too.
• If history repeats itself 100%, in April 2021, Bitcoin should be somewhere around the 2017 ATH ($20,000) not at $64,000 or $48,000.
• Two main factors that cause the rapid growth of Bitcoin: damaged value of fiats because of the pandemic and QEs; and the massive noisy participations of institutes

Based on some models and history, I think Bitcoin is in the middle of its 2020 - 2021 parabolic curve. When correction finishes (might be next 2 or 3 months), the second part of this curve will be touched.

Technically, price will be stucked or bounced around the upper, lower and middle line of a price channel. Assumes Bitcoin is in its middle of the curve, it is normal for the pull back around this middle area.

[Tytanowy Janusz]

This apply not only for bitcoin but also stocks, gold, silver and other materials, bonds. Everything. The question is. What is better? 39% of profit or guarantee loss holding your money and letting it to be devalued?

And now when we agreed that it affect all assets. Bitcoin is the only one out of them that you can simply withdraw to wallet and said "I forgot password". Or move it to new address and say "It was wrong address, I don't know who is in charge of it now"

And now knowing that bonds market = 120T, stock market = 70T (taxed 39-50%) and bitcoin = 1T (taxed 0% because you can say you lost it) tell me... Is this news bearish or bullish for bitcoin?

Michael Saylor - owner of $4,5b worth BTC:
"At the end of the day, if you push me to far, i lost it, its gone, i'm sorry ... TAX THAT"

https://twitter.com/btc_archive/status/1385324038034182154?s=21

[hatshepsut93]

This apply not only for bitcoin but also stocks, gold, silver and other materials, bonds. Everything. The question is. What is better? 39% of profit or guarantee loss holding your money and letting it to be devalued?

And now when we agreed that it affect all assets. Bitcoin is the only one out of them that you can simply withdraw to wallet and said "I forgot password". Or move it to new address and say "It was wrong address, I don't know who is in charge of it now"

And now knowing that bonds market = 120T, stock market = 70T (taxed 39-50%) and bitcoin = 1T (taxed 0% because you can say you lost it) tell me... Is this news bearish or bullish for bitcoin?

Michael Saylor - owner of $4,5b worth BTC:
"At the end of the day, if you push me to far, i lost it, its gone, i'm sorry ... TAX THAT"

https://twitter.com/btc_archive/status/1385324038034182154?s=21

First, the authorities are going to ask about the addresses of your lost coins, and they will start monitoring them for a chance that they wake up.

Second, you can't openly spend those coins, since you're commiting tax evasion, you'd had to launder those money, and good luck laundering them when you're being scrutinized for claiming that you lost your assets. It's just like committing insurance fraud - sounds easy in theory and very risky on practice.

[Fortify]

Legendary trader Peter Brandt, an old trader, told the community via Twitter that President Joe Biden could have many negative consequences for the cryptocurrency, bitcoin.
Brandt warns that Biden could do a lot of damage to bitcoin.
He published a link to the Wall Street Journal on Biden's proposal to raise capital gains taxes to 39 percent, and as Brent points out, in some states the figure could even rise to 55 percent.
At present, the capital gains tax is a maximum of 20 percent, while the highest rate for wages or business profits is 37 percent.
If Biden's proposal is approved, high-income families will see the end of their investment planning, and business owners will transfer less wealth to their children.
“If Mr. Biden and the Democrats are successful, the resulting changes would upend investment planning for high-income households and make it more difficult for business owners to pass assets to their children.”
As previously reported by U.Today on April 22, the news of Biden's capital gains tax led to a drop in the price of Bitcoin from $ 55,000 to about $ 48,000.
Cryptocurrencies, such as Ethereum, Ripple, etc., followed this pattern.

Brandt says bitcoin is still bullish.
Peter Brandt also wrote on Twitter that despite this news, he will still see the bullish(and libertarian) bitcoin, and this tweet does not show the bearish market in bitcoin.
Bitcoin remains one of Peter Brandt 's greatest assets.

Source: https://u.today/peter-brandt-believes-bitcoin-may-suffer-a-lot-from-biden-presidency-heres-why

If you think about it, the damage will only be short term and these super rich with large capital gains on their bitcoin will be forced into action. This sort of news is released early to 1) get a feel for the administration of whether it is a socially acceptable policy (the majority of people do not care if the super rich with lots of assets are forced to pay more) and 2) as a sort of advanced warning to the financial industry that it is likely going to happen. As we already know, they have two options facing them right now: convert their bitcoin back into USD temporarily and swallow the current tax rate of 20%, then buy it back almost instantly. If they have made a substantial profit and want to avoid paying more in future, they will be doing this right now. Alternatively they can gamble that the law does not change (unlikely) and risk paying the much higher rate in future. That being said, for the true super rich that are sitting on a huge tax liability, they probably have enough money that they will never need to sell and they simply have it as another place to store their endless cash. They can probably wait it out until another Republican government gets in power and drops it again.

[Rruchi man]

I believe that whatever the damage that this new tax proposal from Joe Biden administration will cause to bitcoin will be short lived. This new taxing proposal shouldn't come as a surprise to anyone because Biden's plan to tax the rich was already made public and known even during his campaign. Joe Biden has a difficult and significant task to manage the countries economy, especially at a time like this (Pandemic), some difficult decisions will have to be made to keep the country going. As far as the new tax proposal doesn't take more out from the poor and middle income earners, I believe the rich are rich enough to adjust to the proposed change. It is all panic selling and liquidation at the moment, afterwards, any major crypto positive news will sky rocket the price back of bitcoin up to an even higher ATH.

[cryptoaddictchie]

I'm sure the damage wouldn't be that bad. The scenario last bi run is different now. Many institutions are joining the bitcoin herd. But this unexpected announcement by Biden surely get scared some of the investors that's why the market for Bitcoin is on sideways. I'm sure this is temporary and bitcoin will bounce back again as it on the trend of bullish sentiment.

I'm still bullish of that bitcoin will be able to reach 100k this year and more.

[DaveF]

It's going to matter to so few people that it really does not matter.

1st it's US only
2nd it's only for people who have more then $1million profit
3rd it's only for LT gains

Carve out the few people that the proposed rules will actually matter to and it's a really small number of the BTC holders.
as @Tytanowy Janusz said this covers a lot of things besides BTC. But BTC is the only thing that fell. So no, it's not the taxing.

-Dave

[Fundamentals Of]

After having been exposed to how Bitcoin works, Peter Brandt must have already known that Bitcoin grows no matter what the US government do. Biden may or may not increase the capital gains tax. That does not dictate on how Bitcoin would appreciate over time. It has been proven time and again that Bitcoin is gaining one step at a time despite being called all kinds of names, labelled as a criminal's money, a tool for money laundering, a currency for illegal transactions on the deep web, etc.

Biden's new tax policies don't bother me at all.

[bbc.reporter]

What was Peter Brandt’s political affiliation during the election last year? I am not certain but he appears to be a progressive democrat hehehe. There was a thread on election betting in the gambling subforum. There were people there who speculated that Biden will be better for the cryptospace than Trump. I do not know if they have a similar opinion today, however. They might not anymore hehehehe.

[DapanasFruit]

What was Peter Brandt’s political affiliation during the election last year? I am not certain but he appears to be a progressive democrat hehehe. There was a thread on election betting in the gambling subforum. There were people there who speculated that Biden will be better for the cryptospace than Trump. I do not know if they have a similar opinion today, however. They might not anymore hehehehe.

The Biden administration is just months in office and yet there is that consensus forming that generally it is not that good for cryptocurrency especially Bitcoin. Under the rule of the Democrats, we can expect more regulations and of course tax is going to be the central part of those regulations. After 4 years in office, we might conclude that the Trump era can be better than what Biden has provided. But this can never be surprising at all.

[pooya87]

This sounds like something that affects far more than just bitcoin. In fact bitcoin may be the only thing that is either not affected or affected very little because people could simply hide the fact that they own any bitcoin or they can hide how much bitcoin they own but they can never hide their other assets for example their investment in centralized things that are already leaving a huge paper trail that IRS can easily gather and prosecute them for tax evasion while they can not prove how much bitcoin someone owns specially if OTC trades become more popular after this.

As previously reported by U.Today on April 22, the news of Biden's capital gains tax led to a drop in the price of Bitcoin from $ 55,000 to about $ 48,000.

That is nonsense, bitcoin price went down for a couple of reasons and none of them had anything to do with this news.

Cryptocurrencies, such as Ethereum, Ripple, etc., followed this pattern.

This is another nonsense since all shitcoins including these ones get dumped each time bitcoin rises or falls. They never follow any world news.

[btc-room101]

It's going to matter to so few people that it really does not matter.

1st it's US only
2nd it's only for people who have more then $1million profit
3rd it's only for LT gains

Carve out the few people that the proposed rules will actually matter to and it's a really small number of the BTC holders.
as @Tytanowy Janusz said this covers a lot of things besides BTC. But BTC is the only thing that fell. So no, it's not the taxing.

-Dave

Of course, the 'get rich quick people' don't care about taxes, that's an after thought they have to deal with, only old farts think about tax-planning.

Biden will do a lot of damage to BITCOIN, because these crashes will do a lot of damage to institutions. If BTC reverts to $10k like summer 2020, then $1T USD will have been wiped out, wiping out large institutions and wiping out their investors. There will be a huge demand on Biden to 'punish' the Greedy BTC gamblers.

Two weeks to date, with the -25% loss, aka $350B we haven't even begun to see the suicide reports, and carnage from margin-calls.

Bouncing back? Well that's the question, will the FED bail out Bitcoin? I think its possible, after all the FED-FIAT is free, $1T to save 'wall-street' is chump-change.


The summer  of 2020 said of BTC "Bitcoin is the New Cash", put your cash into BTC, and make more than 0.01% like the bank, or CD, or UST; That's the other thing too, in recent months UST is up, so lots of money moved out of BITCOIN, and back to UST

The entire thing is insane, to allow a speculative virtual asset with no backing, to become a 4th leg of the reserve-currency nation.

Simply put too much of the nations liquid-assets are tied up into a CHINESE (miners&hw) owned virtual-fraud, the COVID created the situation of easy cash that flooded the market, and obviously $1T flowed into BTC, but then it evaporated by 25%, who sold out at the top? What did they know? Like Archegos, its usually Goldman-Sacks and the big banks that control the FED, that save themselves first.

[Kong Hey Pakboy]

What was Peter Brandt’s political affiliation during the election last year? I am not certain but he appears to be a progressive democrat hehehe. There was a thread on election betting in the gambling subforum. There were people there who speculated that Biden will be better for the cryptospace than Trump. I do not know if they have a similar opinion today, however. They might not anymore hehehehe.

It's not a matter of affiliation because I think that with the current landscape of crypto in USA, I think that Biden's regime is going to have a big impact to crypto as a whole. I wouldn't worry too much about it since I know that there the problem there won't persist that long.

[nutildah]

Brandt warns that Biden could do a lot of damage to bitcoin.

Meh. However smart this guy may be, he's a hardcore Trump fan. He's part of a select crowd that desperately wants Biden to hate Bitcoin so his previously established viewpoint can be validated.



Meanwhile Biden hasn't actually said peep about Bitcoin, ever, and hey that's about as good as its gonna get as far as U.S. Presidents are concerned. Contrary to what Trump specifically said about Bitcoin, does anybody remember that?



To the tin-foil hat-wearing conspiracists among up: Why did Trump cave to the Reptilians demand that he publicly denounce Bitcoin, but Biden hasn't? Is Biden some kind of bad-ass or is was Trump a wuss?

[btc-room101]

The senior old demented Biden actually hasn't said anything about anything, he has spokes-people who do his talking for him,

Trump was a twitter maniac

I don't think Biden has ever once in his entire political career said anything off the cuff.

Trump is/was serious there BTC isn't money

"Only gold is money, all else is credit" JP-Morgan.

...

Why do BITCOIN fanatics hate people for telling the truth??

BITCOIN is NOT money, get over it.

Why is BITCOIN valued in US-DOLLARS? The very currency that Satoshi's minions claim to hate?

[davis196]

AFAIK,capital gains tax is paid only if you sell the asset you are possessing.
If you HODL your Bitcoins,you don't pay capital gains tax.Imposing higher capital gains tax means that more investors will be motivated to HODL their Bitcoins,instead of selling them.This is actually good for the market.
This statement of Brandt is exaggerated.He spreads FUD,even though he says that he's a Bitcoin libertarian.
We knew that Biden/the democrats are going to raise the taxes.Why everyone is so surprised by that?

[nutildah]

The senior old demented Biden actually hasn't said anything about anything, he has spokes-people who do his talking for him,

Trump was a twitter maniac

I don't think Biden has ever once in his entire political career said anything off the cuff.

Oh great, you're one of those people? For some reason I thought you were Australian.

So you honestly believe Trump fired this Tweet out "off the cuff"?

Why do BITCOIN fanatics hate people for telling the truth??

The same reason any type of fanatic hates people for telling the truth: truth often goes against their beliefs and principles.

Why is BITCOIN valued in US-DOLLARS? The very currency that Satoshi's minions claim to hate?

Now you're just straw-manning us here. But if you must know Bitcoin is valued in US dollars because that is the de facto world standard for fiat currency. The USD is worst currency ever tried, sans all the others.

[Argoo]

I'm sure the damage wouldn't be that bad. The scenario last bi run is different now. Many institutions are joining the bitcoin herd. But this unexpected announcement by Biden surely get scared some of the investors that's why the market for Bitcoin is on sideways. I'm sure this is temporary and bitcoin will bounce back again as it on the trend of bullish sentiment.

I'm still bullish of that bitcoin will be able to reach 100k this year and more.

So far, we have not heard of an increase in the size of tax deductions from Biden himself. The costs of fighting the coronavirus pandemic are growing, the money supply is increasing very quickly, and inflation will also rise. In these conditions, Biden will be forced to raise taxes, otherwise even the US economy will not be able to bear such large expenses.
In addition, probably this issue will not be decided by Biden himself, but by the US Congress. Together they will come to some optimal tax figures.

[dkbit98]

Peter Brandt is still bullish long term and Biden is just an old puppet that is not making any decisions on his own related with anything including Bitcoin and Cryptocurrencies and most other politicians including Trump would do something similar.
They all have same advisors telling them they can fix the problem with printing more and more money and introducing more regulations, restrictions and taxes.
This recent Biden tax increase had temporary bad effect on Bitcoin market and it also affected stock market and everything else, but we are probably going to bounce back stronger than ever.
What I am mostly concerned with Biden administration is their obsession with climate change and global warming propaganda that could affect Bitcoin mining in future.