Riding The Wave News Summary 225
Joe Biden Proposes New Crypto Regulation, Including A Mining Tax And 'Wash Sale Rule', Bernstein Sees Bitcoin Reaching $150,000, 332 Billion SHIB Moved to Robinhood Address, Coinbase Hits.. & more.
Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here
News
Table of Contents
Tweets
Joe Biden Proposes New Crypto Regulation, Including A Mining Tax And 'Wash Sale Rule'
Visa, Mastercard could be key drivers for crypto in the year ahead
Bitcoin has 6 months until ETF ‘liquidity crisis’ — New analysis
Tweets
https://twitter.com/DylanLeClair_/status/1766882898206982256
https://twitter.com/woonomic/status/1767070120206348603
https://twitter.com/WhaleFUD/status/1767133352266506543
https://twitter.com/ki_young_ju/status/1767063504081785083
https://twitter.com/ercwl/status/1767119644383396265
https://twitter.com/stackhodler/status/1767104405906616504
https://twitter.com/tedtalksmacro/status/1767124493141671978
https://twitter.com/woonomic/status/1767115777315160519
https://twitter.com/APompliano/status/1767164567040204922
https://twitter.com/SGJohnsson/status/1767036590713360850
https://twitter.com/marcvanderchijs/status/1767117710142623969
https://twitter.com/bitcoinmunger/status/1767140974038290652
https://twitter.com/MatthewHyland_/status/1767202962726604894
https://twitter.com/MatthewHyland_/status/1767199547141259763
https://twitter.com/DylanLeClair_/status/1767194851760562267
https://twitter.com/BitcoinPierre/status/1767234952716792012
https://twitter.com/gladstein/status/1766534205419503719
https://twitter.com/rationalaussie/status/1767216888936071427
https://twitter.com/bitcoinmunger/status/1767296112069841141
https://twitter.com/BTC_Archive/status/1767207478347923509
https://twitter.com/OnChainCollege/status/1767310605520699545
https://twitter.com/ki_young_ju/status/1767336678820344256
https://twitter.com/KobeissiLetter/status/1767528538482127088
https://twitter.com/ki_young_ju/status/1767441447702413547
https://twitter.com/therationalroot/status/1767522034379047270
https://twitter.com/SimplyBitcoinTV/status/1767410722529567152
https://twitter.com/AltcoinDailyio/status/1767418293332365732
https://twitter.com/OnChainCollege/status/1767559091252273492
https://twitter.com/Pentosh1/status/1767601657754337337
https://twitter.com/rektcapital/status/1767494000494141623
https://twitter.com/woonomic/status/1767514599002419406
https://twitter.com/woonomic/status/1767696568143245451
https://twitter.com/ki_young_ju/status/1767795239568433474
https://twitter.com/AltcoinDailyio/status/1767743839593504889
https://twitter.com/woonomic/status/1767994156780237155
https://twitter.com/WClementeIII/status/1767942455876362468
https://twitter.com/GayatriPC_/status/1767936800289607735
https://twitter.com/WClementeIII/status/1768010498098807023
Joe Biden Proposes New Crypto Regulation, Including A Mining Tax And 'Wash Sale Rule'
President Joe Biden's budget proposal for fiscal 2025, released this week, covers nearly every area of the American economy. Some of the more notable items detailed in the budget revolve around new crypto taxes and regulations.
In terms of new taxes, the Biden administration unveiled plans for an excise tax on mining cryptocurrencies.
"Any firm using computing resources, whether owned by the firm or leased from others, to mine digital assets would be subject to an excise tax equal to 30% of the costs of electricity used in digital asset mining."
The report also mentions a new proposed role for wash trading, a form of market manipulation that usually involves buying and selling large amounts of an asset in a short time, usually for tax-loss harvesting purposes.
"The budget eliminates this tax subsidy for cryptocurrencies by modernizing the tax code's anti-abuse rules to apply to crypto assets just like they apply to stocks and other securities," the White House said.
The proposal would make it so that the tax benefits of wash trading would only be realized if the asset is sold and not bought again within 30 days. This would incentivize some to not partake in wash trading and increase tax revenue for those who still wash trade.
Bernstein Sees Bitcoin Reaching $150,000, 332 Billion SHIB Moved to Robinhood Address, Coinbase Hits Back at SEC: Crypto News Digest by U.Today
Bernstein sees Bitcoin reaching $150,000
In a recent note to its clients, Bernstein, a global asset management firm, stated that the price of Bitcoin is heading toward the $150,000 mark and urged investors to consider buying Bitcoin miners, pointing to the current bullish trend on BTC's market. According to the company, the current decline in the price of Bitcoin miner stock offers a great chance to invest before the impending halving event, which is anticipated to significantly increase the price of the flagship coin. Bernstein's analysis points to Bitcoin miners as the most viable equity option for participating in the ongoing rally. Gautam Chhugani, the firm's analyst, has a strong belief that Bitcoin will hit the $150,000 mark. Significant inflows into Bitcoin have supported this optimism; $9.5 billion came into Bitcoin ETFs in the first 40 days after their launch in January. According to Chhugani, this is just the start of Bitcoin's integration into mainstream investment portfolios. After the halving, it expects more institutional investment.
Visa, Mastercard could be key drivers for crypto in the year ahead
Keep reading with a 7-day free trial
Subscribe to Riding The Wave to keep reading this post and get 7 days of free access to the full post archives.