{"id":1924,"date":"2024-10-31T11:33:38","date_gmt":"2024-10-31T11:33:38","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=1924"},"modified":"2024-10-31T11:33:38","modified_gmt":"2024-10-31T11:33:38","slug":"trump-expands-bitcoin-support-with-no-tax-promise-for-digital-transactions","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=1924","title":{"rendered":"Trump Expands Bitcoin Support With No Tax Promise For Digital Transactions"},"content":{"rendered":"
\n

With just six days remaining until the US presidential election, former President Donald Trump has intensified his support for Bitcoin (BTC) and the broader crypto industry.\u00a0<\/p>\n

In a recent statement aimed at taxpayers, Trump proposed significant changes that could reshape the landscape for digital asset transactions in the United States, especially following years of heightened scrutiny from regulators.<\/p>\n

No Capital Gains Tax On Bitcoin Purchases<\/h2>\n

Trump\u2019s commitment to making the US the \u201ccrypto capital of the world\u201d includes a recent proposal to eliminate capital gains taxes on Bitcoin transactions when used for purchases.\u00a0<\/p>\n

In a social media post<\/a> on X (formerly Twitter), Michael Saylor, co-founder of MicroStrategy and a well-known Bitcoin advocate, quoted Trump\u2019s latest statement on the matter:<\/p>\n

\n

They have them paying tax on crypto and I don\u2019t think that\u2019s right. #Bitcoin is money, and you have to pay capital gains tax if you use it to buy a coffee? I was talking with a friend; he said \u2018it really shouldn\u2019t be taxed,\u2019 and I agree.<\/p>\n<\/blockquote>\n

Trump\u2019s remarks come as he widens his lead <\/a>against Vice President Kamala Harris on Polymarket, a crypto prediction market where bettors give him a 66% chance of winning the election.\u00a0<\/p>\n

However, traditional polls tell a different story, indicating <\/a>that Harris holds slight leads in crucial battleground states like Michigan (48% to 43%) and Wisconsin (51% to 45%). According to a recent CNN poll, both candidates are tied in Pennsylvania at 48% each, underscoring the tight race as election day approaches.<\/p>\n

Analyst Warns Harris Victory Could Impact BTC Prices<\/h2>\n

Trump\u2019s approach to cryptocurrency has garnered considerable support <\/a>from the industry. His recent remarks starkly contrast to the more cautious stance taken by Harris, who has offered a less defined policy direction on digital assets.<\/p>\n

Notably, Trump has launched his crypto venture, World Liberty Financial<\/a> (WLF), and intends to fire SEC Chair Gary Gensler on his first day in office.\u00a0<\/p>\n

The former President has also proposed making Bitcoin a strategic reserve asset<\/a> to help reduce the national debt, which currently stands at $35 trillion, receiving bipartisan interest<\/a>, with lawmakers in Congress showing increased enthusiasm.\u00a0<\/p>\n

Florida\u2019s Chief Financial Officer, Jimmy Patronis, has even proposed <\/a>allocating some of the state\u2019s pension funds into cryptocurrency, particularly Bitcoin, inspired by Trump\u2019s recent plans for the US with digital assets.\u00a0<\/p>\n

While Harris has adopted a more cautious approach to crypto than President Biden, some analysts predict that a victory for Harris could lead to a decline in Bitcoin\u2019s price.\u00a0<\/p>\n

Michael Terpin, CEO of Transform Ventures, believes <\/a>that the momentum for the Bitcoin price will continue regardless of the election outcome, suggesting further recoveries and the potential for new all-time highs. Terpin noted:\u00a0<\/p>\n

\n

There\u2019s just too much momentum right now. We\u2019re at the point of the cycle where it usually does go up quite a bit. I just think that Trump winning would make it quicker, faster, and higher.<\/p>\n<\/blockquote>\n

\"Bitcoin\"<\/p>\n

At the time of writing, Bitcoin was trading at $71,930.\u00a0<\/p>\n

Featured image from DALL-E, chart from TradingView.com <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

With just six days remaining until the US presidential election, former President Donald Trump has intensified his support for Bitcoin (BTC) and the broader crypto industry.\u00a0 In a recent statement aimed at taxpayers, Trump proposed significant changes that could reshape the landscape for digital asset transactions in the United States, especially following years of heightened […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-1924","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1924"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1924\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}