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A new tax law is being proposed in the US which will require cryptocurrency investors to pay taxes on the profits from their investments even before they sell their coins.
If this ridiculous law is passed, it will:
1. Force you to sell your crypto when you’re in profit, which would keep further price increase in check. Thus reducing the opportunity to make further gains.
2. Make everyone a ninja, doing everything to conceal their crypto wealth.
3. Probably discourage people from investing in crypto in the first place.
My hope is that they also make provision to pay us for unrealized losses on our crypto assets. At least this will encourage me to gamble more on shitcoins without fear.
Congrats boys, we have graduated from China FUD to tax and regulation FUD. Let’s see where this leads.
EDIT: News source: https://beincrypto.com/treasury-secretary-tax-unrealized-crypto-gains/
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