If this comes to past it will accelerate adoption

[Emeraldo]

I don't know about you but to me the future of Bitcoin and crypto just got brighter because of tax withdrawn from Bitcoin and crypto, putting an end to tax on Bitcoin will accelerate adoption.





Source: https://x.com/i/status/2010258094618792351

In my country many Bitcoin investors are already in worries because of the new taxation law on all crypto that's been passed already this year, Trump did this one right if it will eventually come to past.

I hope the leaders of my country will learn from this and maybe change their mind someday, I can't be losing money on trading Bitcoin and when it's time that I win some I have to pay tax, this makes me sick 🤢

Removing tax from all crypto transactions will be a good innovation to help the adoption of Bitcoin to increase and this will also help the Trump family to become more richer. Now people would rather want to trade in Bitcoin instead of trading using USD that is taxable. I think this will make some people to switch their transactions to Bitcoin so that they can avoid taxes from the government and those companies that are holding Bitcoin would want to use it for transactions among other companies if the this no taxation for cryptocurrency is implemented.

[Z-tight]

and this will also help the Trump family to become more richer.

Lol, how? I know Trump has his own personal interest in crypto and he and his circle have been benefitting from his manipulation of the crypto and financial market with 'strange' policies. But i don't see how this policy, if implemented would make him richer.

It will be nice if he removes tax from bitcoin because I really don’t see any reason why people will be paying tax for holding bitcoin

You do not get taxed for holding crypto. You get taxed when you sell crypto for fiat and make a profit, that is capital gains tax. Or in some regions when you receive crypto as payment, which would fall under income tax. You also get taxed when you trade one crypto for another.

[Franctoshi]

I don't know about you but to me the future of Bitcoin and crypto just got brighter because of tax withdrawn from Bitcoin and crypto, putting an end to tax on Bitcoin will accelerate adoption.

Source: https://x.com/i/status/2010258094618792351
I hope the leaders of my country will learn from this and maybe change their mind someday, I can't be losing money on trading Bitcoin and when it's time that I win some I have to pay tax, this makes me sick 🤢

If you're  losing money with Bitcoin, it means you're trading leverage, and leverage trading is meant for professionals, and if you're not a professional trader, then you avoid gambling the market in the name of trading. Bitcoin is better hodl than to trade on futures or leverage; this way you won't lose money if you are holding Bitcoin not just for a short term but for a period of about 4 years and above to be able to get the desired result.

[freedomgo]

The question is, what kind of tax and on what kind of bitcoin transactions?

Since the report says it will remove the tax, that means there’s already an existing one. The only thing that comes to my mind is capital gains tax when selling Bitcoin. If I remember correctly, the rate can go as high as 20%, which is already a big chunk.

So if this actually gets approved, that’s a pretty significant amount of profit you get to keep instead of handing it over as tax.

[fuguebtc]

I don't think that removing taxation on bitcoin would accelerate the adoption rate of bitcoin because I think that we're already hitting the peak of adoption, what really makes it all look so slow is the people that are trying to control bitcoin and those that still don't have any belief that bitcoin is the future. It's a good thing that taxations in the US will be removed and if I'm wrong that there is more to the acceleration of bitcoin adoption then one thing that you can probably do now is to buy as much bitcoin as you can so you don't regret not buying more in hindsight.

Agreed, taxes are not the barrier to bitcoin adoption, the primary reason is that many people remain skeptical and do not believe it is the future. Like my friends, they all know about bitcoin, but nobody want to invest in it because they think it is too new, highly volatile, and lack clear regulations. They did not invest in Bitcoin out of fear of taxes, but because of a lack of trust.
Even if the government exempts investments in bitcoin from taxes, I do not think they would invest in bitcoin.

However, I do not think we've reached the peak of adoption yet. The adoption of Bitcoin is still happening, but at a slower pace than expected.