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Trump’s promise to loosen crypto regulations may be boon for extremist groups
(www.theguardian.com)
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this post was submitted on 27 Nov 2024
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Like others are saying, crypto laws are a bit murky
In general though, it's pretty well in agreement that you're supposed to pay capital gains tax when you sell, I imagine that's something they may try to do away with.
I bought a tiny amount of Bitcoin probably a decade ago, and have basically been sitting on it ever since. It's of course grown in value significantly since then (though we're still only talking enough for maybe a couple nice dinners or a modest vacation, not life-changing wealth)
Capital gains tax takes a pretty good chunk out of what I'd earn from it, don't get me wrong, I'd still make money off of it no matter where I tried to cash out, but currently it's hovering right around the point where I'm not sure if it's worth the hassle of having one more thing to keep track of and figure out on my taxes for a relatively small payoff.
If they did away with the capital gains tax on crypto, I'd probably cash out right now (and never look back, I don't feel I need to repeat this experiment)
I'm not saying that they should do away with capital gains on crypto, just kind of pointing out one way they could get it and how it might affect me personally.