- Donald Trump said Bitcoin is a scam which may have impacted the token price to fall by 1.3%
- Crypto asset exchanges and payments of $10,000 and more will come under mandate reporting to the IRS in the United States.
- The new reporting regulation on cryptocurrency will help to eradicate tax evading.
Cryptocurrency trading has come into existence strongly and so are the political views about it. And, crypto has its mixed bag of followers and opponents in the political world.
Trump once again blows his trumpet against Bitcoin and cryptocurrencies
Donald Trump, former President of the United States has never been fond of digital currency and decentralized concepts. In the recent interview, he made a strong statement against Bitcoin (BTC) specifically. And his comment has also impacted the token price the very day. He said that “Bitcoin is a scam” and the US government should closely monitor and regulate it. Donald emphasized that the currency of the world should be the “Dollar” and he doesn’t like the Idea of Another currency competing against the dollar.
After his negative opinion about Bitcoin, its price fell by 1.3%. The former president has always been against cryptocurrency, back in 2019 he tweeted that he is not a big fan of Bitcoin or any other cryptocurrency which made its price fall by ~$10,000.
Biden’s new regulation on crypto trading
Talking about the US president Biden who was elected to the White House last year. Biden´s administration is working towards making stricter regulations on crypto trading. The treasury department on the proposal wherein it will be mandatory to report any crypto exchange of $10,000 to the Internal revenue system (IRS) as a part of American families plan. This regulation is the same as the current for cash transaction $10,000, new reporting will reduce tax avoidance or any illegal activities.
Even though some negative words against cryptocurrency may make token prices fluctuate, the US government will unlikely to ban crypto trading in the country as it is a booming asset and helps increase countries’ economic growth.
Crypto traders weren’t happy with the chaos Trump created for crypto traders and see some optimism in Biden’s approach towards crypt trading.
Governments across the globe are still very skeptical of decentralized digital currencies and its trading as centralized units did not regulate it yet. And most of the countries are trying to make stricter regulations for cryptocurrency trading and exchanges. In the long run, this will be beneficial for crypto investors as it will help eliminate illicit trading, fraudulent transactions, and the risk of cyberattacks. And it’s vice versa as digital trading is also beneficial for the government as it is playing a vital role in the economic growth of a country.
Nowadays, Bitcoin (BTC) is at $36.000, which is 8.4% higher in the last 24h. Bitcoin (BTC) market capitalization is at $682,641,785,050 and its volume during the last 24h is 52,641,768,696. The number of currencies in circulation is 18,731,100 Bitcoins (BTC).