Cathie Wood, the founder and CEO of Ark Invest, is alerting investors not to sell or transact their Bitcoin until the US Internal Revenue Agency, or IRS, releases more pragmatic tax policies on virtual currencies.
Wood recently mentioned that transacting with Bitcoin might lead to huge tax liabilities, in a webcast hosted by CBOE.
As per Markets Insider, Wood said,
“The IRS has something to say about this, so if you have huge gains in your Bitcoin, I don’t think I would bear much in the way of transactions until we get maybe some changes on the tax front.”
Even though Wood’s comments were specifically directed at individuals sitting on enormous profits, the broad majority of purchasers have made money on their Bitcoin. Moreover, it was estimated that around ninety eight percent of Bitcoin addresses were in the black, by November 2020.
Opportunely, Bitcoin investors hodling large, unrealized gains need not sell their crypto to reap the benefits of their gains. Several platforms permit customers to borrow fiat money against their cryptocurrency holdings and pay it back over time. This means users are not liable for capital gains and don’t have to sell their crypto holdings to get liquid cash.
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