Rocket ICO Giving you a better way to make your decisions and enjoy the process of ICO backing

  • Lydian ICO
  • Markets
Latest News
  • Robinhood lists Stellar (XLM) and Avalanche (AVAX)   |   08 Aug 2022

  • Crypto doesn’t have a place in private banking today: Pictet   |   06 Aug 2022

  • Mummy.io partners with Polygon Studios to scale their metaverse   |   06 Aug 2022

  • We never completed WazirX acquisition   |   05 Aug 2022

  • Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops   |   05 Aug 2022

  • FLOW token price is up by over 35% today   |   05 Aug 2022

 
Home» Cryptocurrency»Bitcoin Must Be Taxed as Fiat Currencies, Says Libertarian Ron Paul

Bitcoin Must Be Taxed as Fiat Currencies, Says Libertarian Ron Paul

James Gordon 21 Aug 2021 Cryptocurrency Comments Off on Bitcoin Must Be Taxed as Fiat Currencies, Says Libertarian Ron Paul 153 Views

On Tuesday, Congressman Ron Paul (R – TX) announced that he wants Bitcoin to be taxed as a currency, which is supported by the libertarian party.

The tax on bitcoin and other cryptocurrencies is a central issue in the current debate over how the U.S. government should deal with digital currency. The most basic argument that cryptocurrency advocates make is that digital currency is not like a fiat currency, like the dollar or the euro, and therefore should not be taxed as one. However, this position is not only wrong, but it also ignores the fundamental differences between the two forms of money.

In the recent years, the value of Bitcoin has skyrocketed, making it a very valuable and sought-after cryptocurrency. Because of this, the IRS has been getting into the cryptocurrency game, with the IRS having already released some guidance on how to treat Bitcoin.

3 months ago | 2 minutes ago | 2 minutes ago | 2 minutes ago | 2 minutes ago | 2 minutes ago

News about Bitcoin

Former congressman Ron Ernest Paul, a libertarian conservative from the United States, thinks bitcoin should be authorized as a fiat currency. Paul is an author from the United States who is a big supporter of the legalization of bitcoin and other digital currencies. His enthusiasm for bitcoin earned him the moniker “Bitcoin Bull.” Paul is a firm believer that the crypto market will, without a doubt, be the future for people. 

As a Bitcoin bull, Ron Paul

Former presidential candidate Paul was fortunate enough to get his first Bitcoin (BTC) from Bobby Lee, the creator of ballet crypto. Lee stated on November 2nd that he had given him a gold-plated bitcoin wallet on behalf of his business. Paul adored the present since it had a unique serial number AA000820, which coincided with his birthday. 

A remark made by Paul was recorded during the Bitcoin 2021 Miami conference on June 3. He said that his goal is to “assist in the legalization of competition.” Economic liberty must be granted to the people. During the conference, Paul put his ideas on gold and bitcoin into action. He claims that when individuals purchase or sell gold, they must pay taxes. 

Bitcoin, in Paul’s opinion, is money. As a result, money cannot be taxed, and bitcoin earnings will not be taxed. Moreover, he said,

You can’t tax money, therefore you don’t. You can’t take a loss because your dollar lost worth if you purchased it a year ago and it went down 10%.”

As a consequence, Ron Paul believes that bitcoin should be taxed in the same way that fiat currencies are. Furthermore, he strongly urges the federal government of the United States to legalize bitcoins and other digital currencies so that people may enjoy their economic liberty.

For you, we recommend

Related Tags

This article broadly covered the following related topics:

  • do you pay tax on crypto gains
  • is bitcoin a con
  • what is a bitcoin and how does it work?
  • bitcoin for dummies 2017
  • how bitcoin works
2021-08-21
Facebook Twitter Stumble linkedin Pinterest More

Authors

Posted by : James Gordon
Previous Article :

Basic Attention Token (BAT) Technical Analysis 2021 for Crypto Traders

Next Article :

Binance Commemorates the 4th Anniversary of its ICO, 16th Coin Burn Predicted!

Related Articles

Footprint Analytics: Guide to Moonriver (MOVR)

Footprint Analytics: Guide to Moonriver (MOVR)

James Gordon 24 Dec 2021
Why is Singapore rejecting the majority of crypto licensing applications?

Why is Singapore rejecting the majority of crypto licensing applications?

James Gordon 22 Dec 2021
Less than 1% Bitcoin addresses control 27% of its total supply

Less than 1% Bitcoin addresses control 27% of its total supply

James Gordon 22 Dec 2021

ABOUT ME

lourari bra

lourari bra

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus pulvinar eros id diam gravida, id pharetra ligula cursus. Sed dapibus lectus augue, non volutpat lorem porttitor vel.

Popular Posts

Robinhood lists Stellar (XLM) and Avalanche (AVAX)
Markets

Robinhood lists Stellar (XLM) and Avalanche (AVAX)

rocketman 08 Aug 2022
Bitcoin Profit Review 2021: Is It a Scam Or Legit?
Reviews

Bitcoin Profit Review 2021: Is It a Scam Or Legit?

rocketman 22 Jul 2021
Yuan Pay Group review 2021 – Is it a Scam or Legit?
Reviews

Yuan Pay Group review 2021 – Is it a Scam or Legit?

rocketman 26 Jul 2021
Immediate Bitcoin Review: Does it work?
Reviews

Immediate Bitcoin Review: Does it work?

rocketman 27 Jul 2021
Bitcoin Era Review: Is this a scam?
Reviews

Bitcoin Era Review: Is this a scam?

rocketman 27 Jul 2021

Advertisement

Recent Posts

  • Robinhood lists Stellar (XLM) and Avalanche (AVAX)

    Robinhood lists Stellar (XLM) and Avalanche (AVAX)

    rocketman 08 Aug 2022
  • Crypto doesn’t have a place in private banking today: Pictet

    Crypto doesn’t have a place in private banking today: Pictet

    rocketman 06 Aug 2022
  • Mummy.io partners with Polygon Studios to scale their metaverse

    Mummy.io partners with Polygon Studios to scale their metaverse

    rocketman 06 Aug 2022
  • We never completed WazirX acquisition

    We never completed WazirX acquisition

    rocketman 05 Aug 2022
  • Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops

    Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops

    rocketman 05 Aug 2022

htmagazine
About HTmagazine was created in 2015 , and covers the intersection of Technology, Lifestyle, Business, Entertainment, and Culture.

Follow us

Newslater

Those an equal point no years do. Depend warmth fat but her but played. Shy and subjects wondered

Random Posts

Robinhood lists Stellar (XLM) and Avalanche (AVAX)

Robinhood lists Stellar (XLM) and Avalanche (AVAX)

Crypto doesn’t have a place in private banking today: Pictet

Crypto doesn’t have a place in private banking today: Pictet

Mummy.io partners with Polygon Studios to scale their metaverse

Mummy.io partners with Polygon Studios to scale their metaverse

We never completed WazirX acquisition

We never completed WazirX acquisition

Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops

Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops

Tags

Bitcoin BTC buy CEO crypto cryptos gained heres market places price rally today token top
© Copyright 2021, All Rights Reserved