Čvc 19

Bitcoin Still Legal In India; Crypto Regulation in Works

Bitcoin will remain legal in India while the government works on regulations, a minister has said in new positive comments on the fate of the industry.


Finance Minister: Bitcoin Regulations Coming

Responding to a request for clarity on the state’s view of cryptocurrency, Anurag Thakur, India’s Minister of State for Finance & Corporate Affairs, firmly denied any token was illegal. 

The comments contradict the content of an alleged draft law which surfaced last week, which outlined plans for a blanket ban on cryptocurrency and prison sentences for its use. 

The document, which appeared online from a local lawyer, appeared to form the basis of the queries to Thakur, who nonetheless did not refer to its contents explicitly.

“No, Sir,” he replied when asked whether the government “has prohibited cryptocurrency.”

“Taking note of the issue, the Government has constituted an Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary (EA). The IMC has submitted the Report to the Government,” he continued.

As Bitcoinist reported, India continues to find itself in a state of flux after highly-mixed messages from authorities and the central bank. 

In July 2018, the Reserve Bank of India (RBI) forbade banks from serving cryptocurrency businesses, resulting in shutdowns for some and exodus overseas for others.

The draft bill, which has not seen recognition, made further reference to the creation of a digital rupee, which its author or authors said would become India’s only legally-allowed domestic digital currency. 

The industry has meanwhile sought to overturn the RBI ban via the courts, a process which appears to have run into multiple delays. 

‘Careful Steps Forward’

Summarizing, Thakur struck a cautious tone, signaling that existing rules applied to cryptocurrency while Delhi thrashed out new regulations.

“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws,” he confirmed.

“Similarly, police/courts take action on IPC offenses. Further, in view of the risks and dangers associated with cryptocurrencies, Government and RBI have been issuing advisories, press releases, and circulars to the public.”

His words saw a warm welcome among the local cryptocurrency industry, with Nischal Shetty, CEO of exchange WazirX, saying the government was taking “careful steps forward.”

The government saw direct backlash when the draft law emerged, with investor Tim Draper openly calling it “pathetic and corrupt” for allegedly suggesting the ban.


What do you think about the latest comments on bitcoin from India? Let us know in the comments below!


Images via Shutterstock

The Rundown

Share
Čvc 18

Did US Congress Send Bitcoin Price Back to Five Figures?

Bitcoin price has made a bit of a comeback over the past few hours to re-touch five figures again. It remains to be seen whether this is the beginning of a wider recovery but many analysts are still of the opinion that a four figure BTC is a giveaway.


Bitcoin price made it back to $10,000 again a few hours ago during Asian trading. The move marks a gain of over 10% from BTC’s intraday low of $9,050 yesterday. At the time of writing bitcoin price had retreated back to 00 where it currently trades, still up on the day consolidating around $9,800.

bitcoin

BTC prices 1-hour chart – Tradingview.com

It remains to be seen whether this revisit of five figures is part of a recovery from that recent dip of whether further losses are on the cards. The overall trend for the week is still down and the last move has been another lower high so more pain could be coming over the weekend.

Many are still of the opinion that anything below $10,000 is a gift. RT’s Max Keiser is still very bullish tweeting this yesterday:

“The next vault over $10,000 will leave that digit in the dust. Like we’ll never see $100 or $1,000 anymore, we’ll never see $10,000 again.”

Yesterday’s Congress hearing may have had an effect on BTC prices with many industry experts stating that it was bullish. Most of the regulatory angst appears to be aimed at Facebook which is a private, profit-driven corporation, now aiming to become the world’s largest digital bank. Binance boss Changpeng ‘CZ’ Zhao couldn’t resist the opportunity to point this out:

“So basically, congressmen are: bullish on bitcoin, just not so hot on Libra. Feeling pitiful for the guys who sold yesterday.”

Bitcoin Still ‘Eating’ Altcoins

According to Tradingview, BTC dominance is still over 68% despite its recent pullback. Yet again the altcoins are struggling to make an impact even though a few of them have pumped double digits today. Trader and analyst, Josh Rager, has observed the discrepancy adding:

“Currently, BTC sits a weekly open and at 68% and want to see this reduce significantly before investing into altcoins. $ETH (the S&P of alts) is sitting at monthly support, it needs to hold and it all lies on Bitcoin’s future price action.”

In a rare move, Ethereum has actually bounced back more than bitcoin today. The 8% move has lifted ETH prices back to around $218 but it remains bearish and could quickly fall back to support at $200. Altcoins will have their day, but at the moment it is nowhere to be seen.

Will bitcoin price climb back over $10k? Add your thoughts below.


Images via Shutterstock, Tradingview, Twitter: @maxkeiser, @cz_binance, @Josh_Rager

Share
Čvc 17

Bitcoin Extends Losses With 12% Slide, Targets $8,000

Bitcoin continues to trade at four figures today as a new wave of bearish momentum sends the asset plummeting below $9,600. A couple of big red candles dumped bitcoin over a thousand bucks in a matter of hours and has left the asset scrambling to find support.


Bitcoin Drops Over $1,000 in a Day

This is not the first time BTC has shed over a thousand dollars in a day, and it probably wont be the last. From a Monday high of $11k bitcoin dropped to settle at the mid $10k level before plunging into four figures during late trading yesterday.

bitcoin

BTC price one hour chart. Tradingview.com

According to charts from Tradingview, BTC bottomed out at $9,250 before climbing back slightly. The recovery has not been strong and further losses are expected. At the time of writing bitcoin was trading at 00. Daily volume has returned to $25 billion but it is largely bearish at the moment, as traders take profits from the recent rally and newbies who bought at the top panic sell.

The move has dropped bitcoin’s market capitalization back to $170 billion and resulted in a loss of $30 billion from the global crypto market cap in just 24 hours.

As per usual, chartists and traders are looking for the next levels of support which appear to be back in the $8,000s as predicted earlier this week. Josh Rager is sticking by his $8k call but adds that altcoins are likely to dump even further.

My current Bitcoin view for max correction is near $8k (give or take 5%) which would be a near 40%+ pullback. This also means that altcoins would retrace at a much deeper %

At the moment bitcoin has corrected 33% from its 2019 high so it stands to reason that there could be further to fall. Crypto analyst and trader Alex Krüger correctly pointed out that the harder they pump, the harder they dump.

Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.

Altcoins Still Melting

There has been no respite for the altcoins in the market as of yet, with many still in free-fall during the Asian trading session today. Ethereum has matched bitcoin’s dump with a 12% slide back to $200, EOS has been smashed even further sliding back to almost crypto winter lows of $3.70.

Also dumping double digits at the moment is Litecoin, BSV, Tron, Cardano, Monero, Dash, Chainlink, IOTA and NEO. It seems like the widespread rumors of the threat of an outright bitcoin ban in the US has put everyone into panic mode this week.

Will bitcoin dump back to $8,000 again? Add your thoughts below.


Images courtesy of Tradingview, Twitter @Josh_Rager,  Shutterstock

The Rundown

Share
Čvc 16

Now Treasury Secretary Steven Mnuchin Thinks Bitcoin is a Store of Value

The crypto community is still reacting to US Treasury Secretary Steve Mnuchin’s recent commentary on bitcoin and its brethren. The asset itself reacted strongly with a 6% pump on the day and many have taken the positives from the speech, some claiming that it is ‘wildly bullish’.


Mnuchin: Bitcoin as a Store of Value

The rhetoric was to be expected, politicians and bankers still see bitcoin as a tool to do bad things. In reality, it is no different to cash or any other commodity that can be transferred beyond the gaze of prying eyes. The vast majority of crypto users are not criminals, drug traffickers or money launderers, yet the whole space keeps getting this deleterious label because bureaucrats don’t understand it and consequently fear it.

A number of industry observers have taken the positives out of Mnuchin’s commentary which echoed the words in president Trump’s recent crypto tweet. Ikigai Asset Chief Investment Officer, Travis Kling, noted that both the Treasury Secretary and the Fed Chairman agree on bitcoin’s status as a store of value.

The Chairman of the Fed and the Treasury Security both agree that Bitcoin is a speculative store of value. Both of them, along with the President, agree that Libra and Bitcoin are two very different things. Wildly bullish.

Co-founder and partner at Morgan Creek Digital, Anthony Pompliano, looked at it from a different angle in that US regulators are fully open to bitcoin and crypto providing operations are carried out legally and transparently.

Treasury Secretary Steve Mnuchin basically told everyone to follow the rules and not doing illegal things with Bitcoin or crypto. Sounds like a green light for those who want to do things the right way.

This sentiment was echoed elsewhere on crypto twitter with comments such as these from other industry observers:

wow. @stevenmnuchin1 says just said “i’m not speaking on the investment merits of bitcoin, and using it for speculation. i am speaking on stopping illicit financial activity.

this is a non-political situation.

my jaw is on the floor!

Libra Is A Bigger Threat Than BTC

It appears that the US Treasury is more concerned over Facebook’s ambitions to dominate digital finance as it has done with data. Mnuchin stated:

“With respect to Facebook’s Libra and other developments in cryptocurrencies, our overriding goal is to maintain the integrity of our financial system and protect it from abuse.”

A mammoth data farm and internet monopoly with over 2 billion users effectively starting its own bank is bound to rustle a few feathers. If anything, Facebook’s insatiability has shed a better light on bitcoin as nobody owns or controls it, making it the total antithesis of Libra.

Was the recent speech bullish for bitcoin? Add your thoughts below.


Images courtesy of Twitter @Travis_Kling, @APompliano, Politico

The Rundown

Share
Čvc 15

‘Still Positive About $1 Million Bitcoin Price By 2020 End’: John McAfee

Bears showed up en masse to administer a proper beatdown to Bitcoin price today. Where do we go from here?


Big Players Orchestrate a ShakeOut

On Sunday bears launched a coordinated assault on Bitcoin price which resulted in the price dropping below $10,000 for the first time since July 2. By the weekly close, the king of cryptocurrencies had dropped $1,400 and the total crypto-market cap dipped below $300 billion. As the carnage occurred, the illustrious John McAfee took to Twitter and lambasted investors who were running for the hills forecasting doom for Bitcoin. 

McAfee scolded investors for freaking out over weekly fluctuations and reminded investors to recall Bitcoin price’s parabolic move over the past few months.

Bitcoin Price Going To $1 Million

Despite today’s $1,400 correction, McAfee remains confident that Bitcoin price will reach his $1 million projection by the end of 2020 and he isn’t the only crypto influencer not bothered by today’s correction. 

Popular crypto-analyst PlanB tweeted an intriguing stock to flow analysis which shows BTC price reaching $100K a little after the 2020 halving event, followed by $1 million by 2024 and $10 million by 2028. 

On July 12 Tuur Demeester also posted a chart outlining Bitcoin’s seasonal price performance since 2011 and eagle-eyed traders will probably glean useful tidbits that will help provide foresight into Bitcoin’s future price action.

While today’s drop from $11,400 to below $9,800 is terrifying, corrections of this type are normal for Bitcoin. Investors with a long vision of Bitcoin realize that sharp pullbacks tend to follow parabolic advances and the current correction is likely an opportunity to accumulate more Bitcoin. 

As one would expect, the rest of the top-10 cryptocurrencies took on heavy losses as Bitcoin crashed. Ethereum dropped as low as $191, while Litecoin, EOS, and XRP also took on heavy losses ranging from 15 to 20 percent.

Overall, the crypto market dropped more than $20.1 billion over the last 24-hours. It’s likely that analysts will spend the next few days attempting to determine if the drop was primarily based on technicals or whether larger hands were at play. 

Do you think Bitcoin price will quickly recover to $12,000? Share your thoughts in the comments below! 


Images via Shutterstock, Twitter: @officialmcafee, @100trillionUSD, @TuurDemeester

The Rundown

Share
Čvc 14

Wells Fargo Won’t Allow Customers To Buy Bitcoin

Wells Fargo, a huge traditional bank founded in 1852 to provide banking services, and mail delivery through the Pony Express, has recently come out stating that it does not allow its customers to purchase Bitcoin with their own funds.


Wells Fargo ‘Does Not Allow Transactions Involving Cryptocurrency.’

Wells Fargo’s decision diverges from other leading financial institutions, who are becoming increasingly pro-crypto technology. For example, Nasdaq CEO Adena Friedman believes in the value of cryptocurrencies and predicts that Bitcoin could be the “global currency of the future.”

The CME Group saw Bitcoin promise when it started exchanging Bitcoin futures contracts in December 2017.

On the other hand, after bashing Bitcoin for years, JPMorgan Chase CEO Jamie Dimon made a U-turn by regretting having called the cryptocurrency a fraud, and now JPMorgan Chase is getting ready to release its own cryptocurrency.

Most recently, during his second day of testimony in the U.S. Senate, Jerome Powell’s testimony legitimized Bitcoin and as a store of value.

In contrast, Wells Fargo is turning in the opposite direction. Specifically, Wells Fargo displays its anti-Bitcoin stance by not allowing its customers to perform transactions involving cryptocurrencies, as the tweet below shows,

This prohibition is contrary to Wells Fargo’s vision, which states, “Customers can be better served when they have a relationship with a trusted provider that knows them well, provides reliable guidance, and can serve their full range of financial needs.”

However, by forbidding a customer from performing transactions in Bitcoin, Wells Fargo is not serving its customers’ “full range of financial needs.”

Bitcoin and other cryptocurrencies are risky and volatile

In June 2018, Wells Fargo banned the purchase of Bitcoin and other crypto-assets using Wells Fargo credit cards. When the ban was announced, a company spokesperson stated,

“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency […] We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”

When Wells Fargo claims that Bitcoin and other cryptocurrencies are risky and volatile, it may be forgetting its prominent and infamous role during the 2008-2009 financial crisis, when markets collapsed. As a result, millions lost their homes, and millions lost their jobs, producing economic mayhem all over the world.

But astonishingly, although Wells Fargo was a contributor to one of the largest-ever financial crises, and after a series of financial scandals, U.S. taxpayers had to bail out the bank.

Wells Fargo received USD 25 billion of Emergency Economic Stabilization Act funds through a preferred stock purchase by the U.S. Treasury Department. As CBS News put it,

“Wells Fargo hit the jackpot. It was one of the first banks to get bailout funds – the biggest amount awarded in a single shot: $25 billion tax dollars.”

Nevertheless, to return to its admirable roots and to satisfy its customers’ needs, Wells Fargo should join the bandwagon of the new economic model, which requires a decentralized, borderless, and secure digital currency, such as Bitcoin.

Why do you think big banks such as Wells Fargo do not allow transactions involving Bitcoin? Let us know in the comments below!
____________________________________________________________________
Images via Twitter/@Ask_WellsFargo

The Rundown

Share
Čvc 12

Bitcoin Price Analysis: Bullish Divergence At $11,500

Bitcoin price hit a peak of $13,000 on the 10th of July just two days ago. Since this price levels have pulled back to POC (Point of Control) around $11,300 as mentioned in my previous bitcoin price analysis. Three descending lows are evident on the 30 Minute time-frame alongside descending volume and ascending RSI which is a clear indication of bullish divergence.


Bitcoin Price 30 Minute Analysis

BTC 30 Min

On the 30-minute bitcoin price analysis chart, we can see clear bullish divergence playing out. Bright as day, we can see highlighted the descending peaks in both price action and volume. In addition to this, RSI (Relative Strength Index) shows clear ascending momentum. These are the three main points to look out for when trying to gauge bullish divergence, this coupled with the fact that market price is trading at POC (Point of Control) around $11,600 begins to paint a very bullish picture for BTC’s short-term price action.

Both the 50MA and 200EMA are sandwiching market price, this is a clear indication of consolidation before a big move. BTC’s volume is at it’s lowest in the last 3 Days and price levels aren’t continuing to dump meaning there’s good support around the current market price.

Provided the bullish divergence plays out as expected, price levels could break July’s monthly high of $13,000 over the coming days. The trend is still very much bullish and bears don’t seem to be gaining much momentum as outlined in yesterday’s bitcoin price analysis on BTC.


Understanding Bullish Divergence

Bullish divergence is simply when the candlesticks create lower lows and your indicators create higher highs. This signals that bearish selling momentum during a pull-back or correction is starting to fade out. Understanding how to spot divergence in the market is a crucial fundamental skill that every crypto trader must learn. Characteristics such as a clear curve in short-term price action as highlighted in my technical analysis above on BTC, and three or two clear descending lows in price action.

Regular Bullish Divergence

  • Reversal of current downtrend
  • Second or third low.
  • Price makes new Lower Low, but the indicator makes Higher Low.
  • Trend changes to the upside.

Traders in both traditional and emerging financial markets will grasp a firm understanding of how to spot divergence. Given the volatile nature of cryptocurrencies, being able to predict future price action based on the simple rules above can provide assistance in developing your edge in the market, and in becoming a profitable trader. Below you can see an example of bullish divergence playing out in the Forex markets.

Bullish Divergence

Moving Average Convergence Divergence

Do you utilize divergence as a part of your trading strategy? Let us know in the comments below!


Images via Shutterstock, Tradingview

The Rundown

Share
Čvc 12

Ever Imagined How The Bitcoin Blockchain Looks in 3D?

The Symphony of Blockchains team at IOHK has released an update to the project — Symphony 2.0 which shows a 3D representation of the Bitcoin blockchain.


View the Bitcoin Blockchain in 3D

The team announced the news in a blog post on the Cardano web forum of Monday (July 8, 2019). According to the post, Symphony 2.0 is an attempt to represent the Bitcoin blockchain in a manner that is engaging, stimulating, and entertaining while transforming abstract concepts into tangible sensory information.

For the team, apart from creating a visual spectacle, they felt it necessary to utilize sounds like a signature for transaction blocks. Thus, each block in the network has a unique sound.

Bitcoin 3D

According to the post, the team achieved this unique sound signature through a process called “additive synthesis.” Each transaction has a distinctive sound thus making every block composed of these transactions having its own special “auditory fingerprint.”

Symphony 2.0 feels much like models of the neurons in the brain or indeed the many galaxies in the universe. The design philosophy sees the mempool as a sort of primordial soup visualized in a gravitational swell.

The visual interface also sees validated transactions as concentric rings. Each added transaction causes the rings to extend outward like an expanding model of the physical universe.

Certain aspects of the Bitcoin blockchain visualization incorporate practical elements like trees representing Merkle trees. Zooming into each block sees validated transactions displayed as 3D hexagons.

The followings description from the Symphony 2.0 live environment provide a high-level summary of the project:

Transactions are shown as crystals; height is value, brightness is spent output ratio. Each crystal creates sound based on value, spent outputs, and fee. Sounds are cycled through in the order the transactions were made.

Other Crypto Blockchains in the Works

Symphony 2.0 is available on web browsers for both mobile and laptop devices. For low-end devices, the developers also advise running the visual simulation on medium quality.

The development also plans to create visual blockchain simulations for other networks like Ethereum and Cardano.

Commenting on the importance of the project as a tool for greater blockchain education, Cardano forum user and developer of Symphony 2.0, “IOHK_Kevin” declared:

Describing blockchains and how they work is hard. We’ve already collected feedback from users who say they are using Symphony to teach others about blockchains. They’re now able to describe complex terms that they once could not by using graphs, charts or traditional block explorers.

Bitcoin Genesis Block

There are several real-life examples showing the gaps in knowledge about bitcoin and blockchain as a whole. As previously reported by Bitcoinist, the majority of college students interviewed during a YouTube survey two months ago chose $1 over 1 BTC.

Would you like to see a visual representation of the Bitcoin network? Let us know in the comments below.


Images via Cardano Web Forum.

The Rundown

Share
Čvc 11

Binance Debuts Margin Trading As Bitcoin Volatility Hits Markets

Malta-based cryptocurrency exchange giant Binance has formally launched margin trading for most of its users following months of speculation. 


Long-Awaited Bitcoin Trading Feature Goes Live

In a blog post July 11, executives released the platform’s latest product, along with a dedicated guide on how it works. 

Margin trading, while available on several major exchanges to date, incurs a significant risk of funds loss if the trader controlling them is not aware of their technical characteristics.

“Margin trading is the latest development in Binance’s effort to push the industry forward and toward the freedom of money, expanding its trading offerings,” the blog post reads. 

“Margin trading allows traders to borrow funds to increase leverage, providing higher profit potential than traditional trading. However, this also comes with a greater risk, given the current volatility of the cryptocurrency market.”

The unveiling ends a period of several months during which Binance slowly dropped hints it was working on margin trading, followed by evidence of testing.

Risky Bitcoin Business

In June 2019, demand for leveraged financial tools tied to Bitcoin 00 and other cryptocurrencies is higher than ever, as markets return to levels not seen since before the 2018 bear market. 

Huge amounts of capital come and go at the hands of margin traders daily, social media users often noting how sudden movements in the Bitcoin price trigger giant liquidations in a matter of minutes. 

This week, a Bitcoin uptick saw $44 million worth of liquidations on derivatives giant BitMEX in just a single morning.

Margin trading essentially involves borrowing funds to use as collateral while betting on a token’s price moving in a certain direction. Should the bet go wrong, the trader faces liquidation.

Bitcoin Sheds 11 Percent

Binance’s product is now available to everyone with an eligible account; this means that those residing in the US, Syria, Iran, North Korea, Crimea, Canada, Japan, South Korea, and Cuba are currently unable to join in. 

The situation remained the same as Binance rolled out previous new tools such as its expanded decentralized exchange (DEX), while executives admitted that it would be impossible to prevent anyone from using a decentralized structure. 

News of the margin trading meanwhile went some way to stemming losses of Binance’s in-house Binance Coin 00 token, which delivered 24-hour losses of 6 percent.

Following a downturn in the Bitcoin price, altcoin markets have broadly slumped, shedding up to 20 percent overnight as BTC/USD fell by around $1500.

Last month, BNB had reached new all-time highs of close to $40 per coin.


What do you think about Binance’s margin trading launch for Bitcoin and other cryptocurrencies? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter: @binance

The Rundown

Share
Čvc 10

Singapore to Exempt Bitcoin from Goods and Services Tax

The U.S. is increasingly running the risk of being left behind other nations unless its authorities soon address issues surrounding Bitcoin. One of the main problems facing the cryptocurrency is tax treatment. In this regard, Singapore is now taking the lead.


Singapore to Exempt Bitcoin from Goods and Services Tax

Several countries, such as Japan and Switzerland, are already taking action to boost the growth of their crypto industry.

Most recently, the Inland Revenue Authority of Singapore (IRAS), acknowledging the importance and growth of crypto assets, proposed legislation to exempt cryptocurrencies from the Goods and Services Tax (GST), also known as value-added tax (VAT). The IRAS e-Tax Guide (Draft), dated July 5, 2019, highlights,

“Global development and growth in the use of cryptocurrencies have caused tax jurisdictions to review their GST position on cryptocurrencies transactions. Similarly, IRAS has reviewed its GST position to keep up to date with these developments.”

The new tax treatment would take effect on January 1, 2020.

In contrast, U.S. tax authorities seem to be aiming to stifle the nascent crypto industry with stricter controls. As award-winning writer Adriana Hamacher reports, “The U.S. Internal Revenue Service (IRS) proposes electronic surveillance to weed out Bitcoin tax evasion.”

The IRS to Update its Bitcoin-related Guidance

A few members of the U.S. Congress are becoming increasingly aware that the U.S. is falling behind other countries in the crypto industry. As a result, some of them are now considering bills aiming to clarify legal questions surrounding cryptocurrencies and thus stimulate the development of this new industry.

Presently, the U.S. IRS considers Bitcoin and all other all cryptocurrencies as property for U.S. federal tax purposes. Buying Bitcoin is not a taxable transaction.

However, paying with Bitcoin to buy something else is considered a sale of Bitcoin, such as the sale of a property. Consequently, it is a taxable event. The IRS notice IR-2018-71, issued on March 23, 2018, states,

“Virtual currency transactions are taxable by law, just like transactions in any other property.”

This tax treatment might soon change. Some policymakers are pressuring the IRS to update its 2014 guidance on cryptocurrencies, which according to the Wall Street Journal, could happen within weeks.

Taxes and the imposition of stringent regulations certainly disincentivize any budding industry.
Thus, cryptocurrency enthusiasts are hopeful that the forthcoming IRS guidance update will consider adequate tax incentives to stimulate the growth of the American crypto industry.

Do you think Singapore’s proposal to exempt Bitcoin from the GST, and the forthcoming IRS guidance update will impact Bitcoin’s value? Let us know in the comments below!


Image via Shutterstock

The Rundown

Share