RichInWriters.com

Marketing Information One Blog Post at a Time

Menu
  • International Dating Services
  • Work From Home Business
Menu

The Higher The Price of Bitcoin, The cheaper It Is To Tax: U.S. court authorizes IRS to seek identities of taxpayers who have used cryptocurrency – May 5, 2021,

Posted on May 5, 2021 by RichInWriters

The Higher The Price of Bitcoin, The cheaper It Is To Tax: U.S. court authorizes IRS to seek identities of taxpayers who have used cryptocurrency – May 5, 2021,

Because they labeled themselves crypto-CURRENCY the entire network of cryptocurrency lovers are going to have to get used to the new normal of getting taxed for making or accepting Bitcoins as a method of payment. My Bitcoins haven’t moved, because once I understood what was going on, I could see the writing on the wall.

I comprehend that Bitcoin is decentralized, but if legitimate business owners who pay taxes start accepting it, they’re going to have to start reporting it and if you don’t have the proper person or entity representing you to the tax authorities, your financial life is going to get complicated if you transact in Bitcoin.

The current laws which I’m watching evolve all seem to going in the same direction, which will be to tax and complicate the lives of people who ACCEPT Bitcoin. The way I see it is you’re inviting the taxman into your life if you’re going to use Bitcoin to shop. Buy hold and cash out when your ready is the way I see Bitcoin.

A few weeks ago Bitcoin hit what I thought might be its new all-time low of just below $50,000, if the price of Bitcoin continues to ascend, it will be cheaper for the tax authorities to pursue taxing it. This equates to in my opinion Bitcoin being used by fewer merchants. I could be wrong, but knowing what I know about Gold, I’m glad the attention has left Gold and is now on Bitcoin, because in the event of a fiat market crash if the price of Bitcoin holds up, there will be less incentive for the government to come after gold.

U.S. court authorizes IRS to seek identities of taxpayers who have used cryptocurrency | reuters.com

Interesting times ahead!

Recent Posts

  • Atheists Get an Abraham Wake-Up Call – “We Came to Egypt to Ask for Permission to Walk Toward Gaza” (Identity Politics Gone Wrong) – June 19, 2025
  • Former NDP Leader Jagmeet Singh (highest-spending member of Parliament) is now under RCMP protection – June 19, 2025
  • Understanding Canada’s Corporate Welfare EV Mandate – Mark Carney Appears To Be Attacking CAR DEALERSHIPS – June 18, 2025
  • Why Libertarians Annoy Me: Israel-Iran vs. Russia-Ukraine – June 18, 2025
  • Correction, President Trump: Russia Annexed Crimea Under Stephen Harper and Barack Obama – June 16, 2025
  • Canelo Alvarez vs. Terence Crawford: Why It’s Tough to Get Excited (David Benavidez)
  • Did The Brother of Jagmeet Singh (Gurratan Singh) Just Advocate For Gun Rights? “fend for themselves.” – June 13, 2025

Categories

  • International Dating Service
  • Corporate Financing
  • Work From Home Business
  • Affiliates
  • About
  • Privacy
  • Contact
©2023 RichInWriters.com | Powered by Liberty