With just six days left until the US presidential election, former President Donald Trump has ramped up his support for Bitcoin (BTC) and the broader cryptocurrency industry.
In a recent statement to taxpayers, Trump proposed significant changes that could reshape the landscape of digital asset transactions in the United States, especially after years of heightened scrutiny by regulators.
There is no capital gains tax on Bitcoin purchases
Trump’s commitment to making the United States the “cryptocurrency capital of the world” includes a recent proposal to eliminate capital gains taxes on Bitcoin transactions when used for purchases.
In a Social media sharing On
They make them pay taxes on cryptocurrencies and I don’t think that’s right. #Bitcoin is money, and should you pay capital gains tax if you use it to buy coffee? I was talking to a friend. He said “it shouldn’t really be taxed,” and I agree.
Trump’s statements come at a time when he said: Expands his leadership Against Vice President Kamala Harris on Polymarket, a cryptocurrency prediction market where bookmakers are giving him a 66% chance of winning the election.
But traditional polls tell a different story. Indicating Harris has a slight lead in battleground states like Michigan (48% to 43%) and Wisconsin (51% to 45%). According to a recent CNN poll, both candidates are tied in Pennsylvania at 48% each, highlighting the tight race as Election Day approaches.
Analyst warns that Harris win could impact Bitcoin prices
Trump’s approach to cryptocurrencies has been a huge success supports From industry. His latest statements stand in stark contrast to the more cautious stance taken by Harris, who has offered a less specific policy direction on digital assets.
It is worth noting that Trump launched his own cryptocurrency project, Global financial freedom (WLF), intends to fire SEC Chairman Gary Gensler on his first day in office.
The former president has also proposed making Bitcoin a Strategic reserve assets To help reduce the national debt, which currently stands at $35 trillion The interest of both partiesWith lawmakers in Congress showing increasing enthusiasm.
Even Florida’s CFO, Jimmy Patronis, has done so Suggested The allocation of some state pension funds to cryptocurrencies, especially Bitcoin, was inspired by Trump’s recent plans for the United States regarding digital assets.
While Harris has taken a more cautious approach to cryptocurrencies than President Biden, some analysts predict that a Harris win could lead to a decline in the price of Bitcoin.
Michael Terpin, CEO of Transform Ventures He believes The momentum for Bitcoin price will continue regardless of the election outcome, indicating further recovery and the potential for all-time highs. Terpin noted:
There’s a lot of momentum right now. We are at the point in the cycle where it would normally go up a bit. I just think a Trump win will make things faster and faster and louder.
At the time of writing, Bitcoin was trading at $71,930.
Featured image of DALL-E, chart from TradingView.com
Comments are closed, but trackbacks and pingbacks are open.