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

[carlfebz2]

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.

Lets attached some links about this news: https://www.coindesk.com/tesla-sold-bitcoin-in-q1-for-proceeds-of-272m

This is one of the cons when big players or holders in this market tend to decide on selling off their stashes.Even though its just been a part of their total holding but still can make out some significant
impact in the market.Well, its their money and just secure their profits which is a common action for someone to take if i were an investor.

Expect that there would be similar instances if the case that bitcoin hits up 100k price point or level.

[Twentyonepaylots]

He's actively making moves against investment firms which is inevitably hurting the bitcoin industry as well. He may have overlooked the welfare of small-time investors like us which could definitely kill off the hope of bringing investment to the common people. Then again, this is the sad reality.

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.

Bitcoin has huge traction here in the US. Truth be told, aside from Nigeria, you would see bitcoin being operated in America itself. That's why regulations like this, affects bitcoin in a very impactful way. Although of course, the possibility of the correction coinciding with these news and issues is there.

[MAK400]

The recent Bitcoin revenue tax policy proposed by Joe Biden has been able to bring about a major change in the Bitcoin market.  As a result of his policy, the Bitcoin market had to go down from $ 60,000 to $45 45,000.  Undoubtedly like a thunder signal in a cryptocurrency market.

[nightxglow]

Damn 39 to 55% tax rate? that's insanely huge! If it's really implemented, no wonder if many people lose their interest in investing or even sold their investment. And of course for sure it will affect bitcoin negatively. For what reason though he increased that much? Wouldn't it just cause uproar? He should realize that it will only bring destruction whether it's short term or even long term. I hope it won't ever happen since i don't want to see bitcoin getting ruined twice.

[so98nn]

Yeah, he will do it if he wants to loose in the next election? There is huge amount of money thats spent on the election rallies and advertising which basically comes from the billionaires and millionaires who are willing to expand their business territory to the nationwide. This is always possible with the political support. So this is a kind of transaction which says 50-50! We invest in you and in return you give us what we want.

Now if he imposes something off the chart and damaging to the business of these people then surely he gonna get pay for the same. Bitcoin is way ahead of everything right now, from street person to richest person knows it and wanna have it. The infra is growing day by day and it's almost impossible it take it down from the intranet now. Biden may not get approval for this from the public point of view.

[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.

Lets attached some links about this news: https://www.coindesk.com/tesla-sold-bitcoin-in-q1-for-proceeds-of-272m

This is one of the cons when big players or holders in this market tend to decide on selling off their stashes.Even though its just been a part of their total holding but still can make out some significant
impact in the market.Well, its their money and just secure their profits which is a common action for someone to take if i were an investor.

Expect that there would be similar instances if the case that bitcoin hits up 100k price point or level.

Elon said that it's all about the show that there's liquidation in bitcoin which is a good thing in his opinion.

But as always, these institutions and big investors won't take the profits for granted. They'll always there to secure themselves and won't miss any opportunity that they should.

Maybe after they've sold, they've also bought it back just as the market has recovered already.

[AakZaki]

This tax increase is due to the Bitcoin price which has become increasingly popular in recent months. Even people are starting to get into crypto because crypto looks more promising.

Joe Biden's plan to raise the profit tax on investment in America has a negative effect on the price of bitcoin and of course the price of bitcoin has dropped again.

But according to some traders the effects of this tax increase will only last temporarily. The price of bitcoin will recover because of the very strong community support and some major adoptions that have been made.