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

[sheenshane]

Seriously, 55% tax?  I can’t believe this.
If this one will become reality, the future in Bitcoin could be gone already.  That’s too much tax already and the Businesses would collapse quickly because of this.  They might not be able to make their cash flow survive for two years and will decide to file bankruptcy forcibly.

However, I hope if this really made it there they would justify the brackets.  I would tend to agree on the part where it really is better to get the rich taxed more than the lower ones.  However, the taxation must be lesser than 55%a and it might 35% really hurts but still good compared to 55%.

Going back, I just feel bad in a way that, people might stop aiming to have a great company as it takes a lot of sacrifices as they will not be rewarded well with the risks they took.

[dificanovi]

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.

My opinion is also like that, all changes or regulations that can disturb the peace of Bitcoin will not last long, after that Bitcoin can be victorious again. however, if President Joe Biden manages to increase the capital gains tax, I am afraid that the price of bitcoin can also go up, but it will affect the transaction costs which will be very expensive.

[aesma]

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

Exactly. His tweet seems to be "rich people talking to rich people". Or as TYT say, when rich people cry.

It's easy to be libertarian when a non libertarian society has allowed you to become uber rich.

Bitcoin should be held anyway, not sold.

[nutildah]

Trump would do something similar.

No, Trump didn't do something similar. Trump straight up said he hates Bitcoin.



Meanwhile, Biden hasn't actually said anything on the subject. So it makes no sense for Trump supporters to chastise Biden on his Bitcoin policy when

a) he doesn't have one, and
b) Trump's policy is provably worse.

This is the third time I've posted that tweet. It's like peoples' eyes don't register what it means or something.

[dkbit98]

No, Trump didn't do something similar. Trump straight up said he hates Bitcoin.

That is just great.
I said WOULD, that means that anyone would do something similar in place of Biden and I was talking about TAXES.
You are taking my post out of contest and you are posting some old Trump tweet from 2019 that is not true anymore as Bitcoin and crypto was regulated during his administration term.
Biden is senile old fool so I don't expect him to say anything about Bitcoin or anything tech related, and there is not much difference with all puppet politicians we see on tv.

C'mon Man...Hairy legs and corn pop stories is all he can really talk about  
https://www.youtube.com/watch?v=dwoN-FvVEsA

[bbc.reporter]

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?

Put what Trump has said about bitcoin and the cryptospace aside or what Biden is not saying. Would you speculate that Biden is better or worse for bitcoin?

It only appeared that Trump was against bitcoin, however, his adminstation was not doing what Janet Yellen is planning to do.

[pooya87]

Why do people think two seventy something elderly presidents are different from each other just because one elderly who has been in office a couple of years has said something about bitcoin and the other elderly who has been in office for a couple of months hasn't said anything yet?
They may have been competing against each other but they are pretty much the same guy when it comes to a lot of things including bitcoin. They are operating in the same corrupt system after all.

[nutildah]

Biden is senile old fool so I don't expect him to say anything about Bitcoin or anything tech related, and there is not much difference with all puppet politicians we see on tv.

Right, I'm not offended if that's what you want to believe. I kind of hope Biden never says anything about Bitcoin. That would be ideal. My overall point was that the same people who are quick to hate on Biden are the same people that are quick to support Trump. IMO that renders their judgment extremely suspect.

Put what Trump has said about bitcoin and the cryptospace aside or what Biden is not saying. Would you speculate that Biden is better or worse for bitcoin?

I can't put aside either of those things because that's all you need to know. Biden is de facto better on bitcoin as Trump has denounced bitcoin and Biden hasn't.

[Kakmakr]

Biden can hardly hold a thought pattern for 5 seconds, so you should not be too worried about him. The real threat come from Butthurt Yellen, because she still wants to take revenge on "The Bitcoin guy" who sabotaged her speech a few years ago.

So you can expect a lot of strict laws and regulations from her Office to reduce Crypto currency use. (Higher Capital gains taxes on Crypto transactions is just one of the things that they will do, to reduce it's use.) 

[dkbit98]

I can't put aside either of those things because that's all you need to know. Biden is de facto better on bitcoin as Trump has denounced bitcoin and Biden hasn't.

No he is not, and that is the fact because he was part of same US government system for 40 years, in office as vice president from 2009  to 2017 and done nothing for Bitcoin, except maybe ordering FBI and other agents to shut down Silk Road,
and if you want to continue talking about politics and politician puppets and support them, than you should go to Politics & Society board.

They may have been competing against each other but they are pretty much the same guy when it comes to a lot of things including bitcoin. They are operating in the same corrupt system after all.

You can't really argue and talk with closed minded people who have strong opinion about something, and I agree that all of them are part of same corrupt machine.
My late grandparents also didn't have any stance about Bitcoin, so I guess they would be much better as president and vice president   

[Rkss4]

The market is down a bit based on the Bitcoin tax policy that US President Joe Biden formulated a few days ago.  Many believe that Joe Biden's policy has led to the collapse of the Bitcoin market, while others believe that Joe Biden's policy will enrich Bitcoin.

[nutildah]

I can't put aside either of those things because that's all you need to know. Biden is de facto better on bitcoin as Trump has denounced bitcoin and Biden hasn't.

No he is not, and that is the fact because he was part of same US government system for 40 years, in office as vice president from 2009  to 2017 and done nothing for Bitcoin, except maybe ordering FBI and other agents to shut down Silk Road,
and if you want to continue talking about politics and politician puppets and support them, than you should go to Politics & Society board.

Well I mean the thread title does have the word "Biden" in it, but this issue is indeed more about bitcoin than politics. Here's the thing: my assessment is based on concrete evidence whereas yours is based on assumptions. When Biden comes out with a FUD tweet about bitcoin then I'll re-assess my assessment.

Any government in the world would have been in favor of shutting down Silk Road. Interpol works with various law enforcement agencies around the world to shut down darket markets, with just as much impartiality as U.S. LE agencies do.

Ironically I'm the one here attempting to call out the effects of political brainwashing. My beef isn't with Republicans, its with people who get afraid of things that aren't actually happening.

[Lucius]

Why do people think two seventy something elderly presidents are different from each other just because one elderly who has been in office a couple of years has said something about bitcoin and the other elderly who has been in office for a couple of months hasn't said anything yet?
They may have been competing against each other but they are pretty much the same guy when it comes to a lot of things including bitcoin. They are operating in the same corrupt system after all.

That's right, people in politics are changing, but politics remains more or less the same - it doesn't even matter what Biden thinks, but what those who put him in the White House think. Currently, Bitcoin and all other cryptocurrencies bring profit to the US economy whether it is cryptocurrency exchange, mining, funds or thousands of crypto ATMs across the country. This is far from the threat that some are emphasizing at the moment, talking about some radical moves that could be made by the American administration.

Biden has much bigger problems than taking action against or in favor of what some of their politicians see as just a small baby in terms of some kind of threat to the US dollar.

[dkbit98]

Here's the thing: my assessment is based on concrete evidence whereas yours is based on assumptions. When Biden comes out with a FUD tweet about bitcoin then I'll re-assess my assessment.

What exactly is your evidence? Trumps tweet maybe?  C'mon man, be serious please.
I also have evidence that Biden increased taxes like crazy, and I have evidence that he was vice president from 2009 to 2017 right in the time when Bitcoin was created, when most of the bitcoin was confiscated from people by US government.
He is also strong advocate of climate change and global warming propaganda so I would not be surprised if he bans mining or add new tax for bitcoin mining in United States very soon.
Once again, whoever the president puppet is in charge he will always be against Bitcoin and pro infinite fiat money printing, so I see no reason for you to choose less of two evils and to think that one of them is good for Bitcoin.

[tranthidung]

Case would be closed like this

President works for government which never like or support Bitcoin. Whoever the President is, Trump, Biden, Obama, anyone else the general policy for Bitcoin and crypto currency won't be opened and friendly. They might like (or might not) Bitcoin or cryptocurrency but when they are Presidents, they won't be able to do much and show their personal supports via and Acts or Regulations for Bitcoin.

[Haunebu]

Why do so many people feel that US is the only country involved in the manipulation of cryptocurrencies like BTC etc? There are many other countries involved too people which is why the President of the USA(Whoever it is) is not solely responsible for BTC volatility.

A correction was always expected after the recent bull-run and the tax gain proposal was the driving factor for it plain and simple.

[nutildah]

Here's the thing: my assessment is based on concrete evidence whereas yours is based on assumptions. When Biden comes out with a FUD tweet about bitcoin then I'll re-assess my assessment.

What exactly is your evidence? Trumps tweet maybe?  

Exactly.

C'mon man, be serious please.

Its up to you whether or not you want to take Trump's word seriously. Fact is he said it. Whereas Biden has been mum about bitcoin. Therefore a conclusion can be drawn based on these two facts alone, regardless of whether or not you desire to make it.

I also have evidence that Biden increased taxes like crazy, and I have evidence that he was vice president from 2009 to 2017 right in the time when Bitcoin was created, when most of the bitcoin was confiscated from people by US government.

He didn't "increase taxes like crazy." Nobody who makes under $400k a year will pay more in taxes, which is the vast majority of Americans. Besides, he hasn't actually done anything yet! This is what I'm talking about, you're getting amped up over a non-event. You should ask yourself why.

https://thehill.com/policy/finance/domestic-taxes/550045-lawmakers-brace-for-bitter-fight-over-biden-tax-plan

Biden’s proposals, which largely hew to his campaign promises, would raise the corporate tax rate from 21 percent to 28 percent, implement a minimum corporate tax, nearly double taxes on investment gains for the wealthiest and tweak inheritance laws.

The announced plans for corporate taxes would cover the $2.3 trillion infrastructure plan dealing with transport, broadband, water and electricity. Capital gains and other proposals are being finalized ahead of next week’s rollout of a so-called family infrastructure plan focusing on early education and home care that could run as high as $1.5 trillion.

If you want to hate on the government equally then that's fine with me, but I don't understand what the point of pretending Trump is better on the issue of bitcoin than Biden is when the available evidence suggests otherwise. Why people enjoy being puppeteered as political attack vectors is beyond me.

Once again, whoever the president puppet is in charge he will always be against Bitcoin and pro infinite fiat money printing, so I see no reason for you to choose less of two evils and to think that one of them is good for Bitcoin.

If you look back at what I said, I never claimed Biden is "good" for bitcoin. I just said he wasn't as bad as Trump, and it makes no sense to attack Biden when he hasn't said peep on the issue.

[just_Alice]

Why would a rise in capital gains tax affect Bitcoin? Isn't there a possibility to avoid taxes on cryptocurrencies in the US?
Also, it's not like 99% of Bitcoin hodlers are in the US, there are also China, Nigeria, Turkey, etc., and the whales. And even if there's a drop in price due to these tax implications, in time it will only simulate other investors around the world to acquire more BTC.

[dkbit98]

Its up to you whether or not you want to take Trump's word seriously. Fact is he said it. Whereas Biden has been mum about bitcoin.

Brilliant.... I wonder since when have tweets become evidence.
In that tweet Trump never said that he hates Bitcoin (that is your twist)  just that he is not a fan of Bitcoin, and actually Biden also has one tweet claiming that he does not own any Bitcoin, so someone could twist that also.
Imagine being in office as vice president from 2009 to 2017 and not a single word about Bitcoin... so dumb and stupid

If you look back at what I said, I never claimed Biden is "good" for bitcoin. I just said he wasn't as bad as Trump, and it makes no sense to attack Biden when he hasn't said peep on the issue.

Yes, because Biden can only read script and talk about Dark Winter, climate change, covid and his hairy legs.

If you want to hate on the government equally then that's fine with me, but I don't understand what the point of pretending Trump is better on the issue of bitcoin than Biden is when the available evidence suggests otherwise.

I don't know why you use word HATE so much, and I never said Trump is better in any way, actually both of them are bad in their own ways.
You are obviously one of those fanatic Biden supporters and I see no point in debating with you about this topic anymore because you are twisting the facts to suit your need.

[jossiel]

The market is down a bit based on the Bitcoin tax policy that US President Joe Biden formulated a few days ago.  Many believe that Joe Biden's policy has led to the collapse of the Bitcoin market, while others believe that Joe Biden's policy will enrich Bitcoin.

I'm now having that thought that the recent correction wasn't caused by this news about Biden's tax raise but due to the sell off made by Tesla.

News and implications about taxation and capital gains won't take effect if it's not yet official. The most likely reason why there's a sudden correction was due to the sell off and let's say there's also a pressure from that news but I'm thinking that it's more of a whales sell off.