Countries are moving towards creating reserves of "Bitcoin" and its sisters
Ofx Strat co-founder Rashid Al-Khazai said that the expected steps from US President-elect Donald Trump to stimulate cryptocurrencies are represented by legislation concerned with reducing taxes on profits, including profits from investments in cryptocurrencies, as well as reducing taxes on importing and manufacturing mining devices.
Al-Khazai added in an interview with Al Arabiya Business that Trump is expected to work on establishing what is known as “mining fields,” as he is interested in the United States of America being a country that supports “mining” cryptocurrencies, expanding investment in them, and facilitating individual transactions as well.
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He continued: Some small countries, such as El Salvador, were able to build up reserves of Bitcoin when its price was around $20,000, and this was an important step, adding that countries that do not have a strong, dominant currency are moving to get out of their predicament by building up reserves of cryptocurrencies.
It is noteworthy that the rise in Bitcoin, which was supported by Donald Trump's victory in the US presidential elections, stopped as the year approached its end.
Trump's preference for crypto-friendly regulations and support for the idea of creating a reserve of Bitcoin has led to a rise in the value of these assets.
More clarity on legislation to stimulate the cryptocurrency sector is likely to emerge after Trump takes office on January 20.
Bitcoin has risen about 120% this year, outpacing traditional investments such as global stocks and gold.
