Charles Hoskinson, one of the creators of Cardano, believes that the tax changes of the Biden administration will destroy the cryptocurrency market. A video of his participation recently appeared on YouTube
According to Hoskinson, capital gains tax does not bode well for the cryptosphere. It is impossible to imagine how this tax will affect the BTC price. But there is nothing good to wait for.
This week it became known that the U.S. plans to increase the rate on capital gains from 20% to 39%, and in some states to 55%. This will directly affect Hoskinson.
However, he said that he did not have as much money as he was credited with. As one of the developers working on Ethereum, he was entitled to 293,000 ETH. However, he never took the money.
He had the only amount in ETH last month. He turned his ironically angry tweet, which is part of a correspondence with the MetaMask crypto wallet team, into NFT and sold it for $23,000.00 (14.4344 ETH).
Trader Peter Brandt also supports Hoskinson's opinion on the capital gains tax situation. He says many high-income families will reconsider their investment plans with such a tax.
Large volumes of BTC will be put up for sale on U.S. exchanges. This will lead to a decrease in the demand and crypto price. In the long run, however, Brandt's view of Bitcoin remains positive.