Trump is speaking again. Recently, he proposed that he wants to eliminate the capital gains tax on cryptocurrencies like Bitcoin and XRP made in the United States.
What does that mean?
For example, if we buy a coffee with Bitcoin and the price of Bitcoin goes up, we would have to pay taxes. How unfair! Trump said that if this continues, who would dare to use cryptocurrencies to buy things? This clearly suppresses the use of cryptocurrencies in daily life!
He stated that digital currencies should be tax-free so that everyone can use them with peace of mind.
Moreover, Trump has an even bolder proposal, which is to impose tariffs on foreign crypto assets, but not on American cryptocurrencies.
This way, everyone would definitely prefer to use American cryptocurrencies, as it can save a lot of money!
He mentioned that the benefits of this approach are numerous; it can encourage more investment and usage of American cryptocurrencies, and also promote innovation and development in the U.S. cryptocurrency industry. (Double standard)
With taxes reduced, people would certainly be more willing to try new things, which gives American cryptocurrencies a great opportunity to develop!
For instance, if cryptocurrencies like Bitcoin and XRP, which are made in America, are tax-free, they would certainly be more attractive compared to foreign assets that still have to pay taxes!
This way, the U.S. could potentially become a leader in the development and use of cryptocurrencies!
So, while Trump's proposal sounds a bit bold, upon careful consideration, it actually makes some sense.
In the crypto world, high returns come with high risks; a cautious and rational attitude will help you better seize opportunities and avoid traps. Learning from the experiences of others and avoiding common pitfalls is the first step to success.
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