With the Democrats sweeping the presidency and control of both houses of Congress, there is also a high probability that the level of taxation in general will be increasing for HNW Americans in the near future.
Over the past two years the IRS has gotten serious about finding and collecting taxes on cryptocurrency gains. And as they revel in their newfound wealth, there is a perfect storm of Mo Problems brewing that needs to be addressed before it envelops them. What do these two releases have in common? The astonishing growth of Bitcoin has resulted in a number of early adopters suddenly finding themselves with Mo Money than they ever dreamed of. At the time of writing, each one of those original bitcoins would be worth $59,325, with the 10,000 being worth almost $600 million.
And o ver the last year the values of bitcoin and other cryptocurrencies have skyrocketed. Given the current price of those pizzas is $15, then each of those coins would have been worth $0.15 cents. In 2009, Bitcoin was released to the world at the now-astonishing price of 10,000 bitcoins for two Papa John’s pizzas. released what was to become his posthumous classic rap single: “Mo Money Mo Problems.”
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