with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.
We knew that something like this was coming, as long as bitcoin was this small currency that not many people cared about governments were fine letting this market grow but now that it is becoming a significant market and institutional investors are finally showing up here governments want a piece of the action and I cannot blame them.
However it is going to be really difficult for them to actually get it as there are many people that are not really friendly to the idea of paying their taxes and they may decide to never sell because of it, and once we can use our bitcoin directly then forcing people to pay their taxes on their bitcoin profits is going to be even harder.