The rising price on bitcoin lead to the extremely highest price ever, attracting more attention from inexperienced trades and … government regulators.
The cryptocurrencies appeared over 10 years ago and didn't attracted much attention, except some enthusiasts.
The end of the 2017 became the turning point. Some big buyers, bought so much crypto that price soared to over 20 000$ and became biggest newsmaker at the end of the year.
The number of scandals with using crypto by criminals and also the stole crypto by other did not stop, humans from the using the crypto, instead such news only heated the interest to crypto.
In 2020 after the next long run of Bitcoin and other cryptos the big money funds also invest in crypto made it the most valuable assets in the world.
And now when for just one bitcoin that price was near 10$ for years at the beginnig of era of crypto, now for one coin you can by a premium car, that's blowing the mind of some people.
Now in 2021 the main world tax regulator unveiled a raft of proposed changes that can change the crypto market.
There is a number of actions for people to avoid taxes. Usually taxpayers change their residence to avoid paying tax in there own country. But, not for U.S. Citizens.
Actually the U.S. Is only one country in the world that demand there citizens to pay taxes, even if they don't live in the states.
Some people renounce the U.S. Citizenship to avoid taxes, but the number of them very small.
The attempts of some countries to put tax on crypto owners appeared in the media with the comments from some experts that people, when they listened about taxes on the crypto, quickly leave the country. But americans can't do this.
But the people from other countries can't much influence on the situation. If the U.S. want taxes on crypto and realise it, the others do also. And the mass run to non taxable places will lose it meaning.
More restrictions on the crypto markets and taxes is just enough to kill all the crypto.
Of course the crypto doesn't die at all bexause there is still will be a lot of enthusiasts that want to do something extraordinary. But to fight with U.S. Financial regulators impossible as shows the history.
S.S.