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Bitcoin Tax Evasion Will Be Criminally Punishable: IRS Warns

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Bitcoin Tax

Bitcoin tax evasion will be criminally punishable since the IRS announced that they will hunt down Bitcoin users that will not pay their taxes. According to their reports which we have in our altcoin news today, the agency is set to clamp down on tax evaders stronger than ever.

The IRS tax investigator Gary Alford says that the agency has been cautious about pursuing those who avoid paying their taxes because of the rapidly-evolving tech industry. The law has been changing many times and was not following the steps of technological advances. Alford says that this time, however, the IRS is ‘’ahead of the curve.’’

The IRS will also release a new guideline for cryptocurrencies somewhere at the end of June or the beginning of July. He also made remarks during a panel discussion about tax consequences and cryptocurrencies. Alford noted that it would be much easier for a prosecutor to convince a jury into convicting a person who has not been paying his taxes now that the people are much more familiar with crypto. He also stated that it would have been much harder to prosecute a tax evader because many of the jurors did not know what Bitcoin was until recently:

 “We’re usually behind the curve. But in this case, we are ahead of the curve. We already are aware that there were cases to be made. We just didn’t know if we were at the point where we can bring it for criminal prosecution. We believe we are at that point now. If we had 12 jurors and told them someone made all their money in bitcoin, we believe that they would understand.”

Alford is an IRS agent who became extremely popular in 2013 in his Silk Road online drug trafficking case which ended with the arrest of Ross Ulbricht. Ross is currently serving a double life sentence and is not eligible for parole. Alford also mentioned that recreational Bitcoin investors should not be tricked into believing that the IRS is not aware that many of them actually do bitcoin tax evasion so he warned them to do so. As reported in the latest cryptocurrency news, you should know that you need to pay taxes if you sell crypto, convert it into fiat currency, use it to buy goods or receive free crypto.

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Bitcoin News

Ghana’s Government Wipes Out Billions-Bitcoin Is The Solution

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Ghana’s government is yet another example how governments and banks are in full control of the people’s money and bitcoin could be the solution for the problem and we are reading more about it today in the coming altcoin news today. Bitcoin as a decentralized asset would be immune from the monetary madness since according to the reports a huge cleanup of Ghana’s banking system has left hundreds of people where their savings have gone. Ghana’s government crackdown has reduced the number of lenders by a third and resulted in closing down more than 23 savings and loans companies and it has also triggered a run of fund managers which caused a huge selling spree and liquidation of the holdings. About $1.6 billion has been wiped out and most of the assets that the private fund managers supervise for the retail and institutional investors. Ghana’s financial regulator increased the pressure on more than 20 fund managers that they suspected they violated the rules. The SEC has blocked the asset managers from receiving investments because they could be used to pay the existing investors. The run on holdings has left more than 70,000 people seeking answers as to where their savings have gone. The senior finance lecturer Lord Mensah at the University of Ghana commented:
‘’It’s cutting across all the finance houses and when it happens like that the government needs to step in to build confidence again. There’s nothing we can do apart from making sure that we create that necessary environment to regain investors’ confidence again.’’
Ghana’s government bailed out on the investors and the central bank targeted the savings companies that serviced them and many are already blaming that the government is at fault for not having adequate provisions to prevent such problems from happening. The financial crime and governance and regulatory expert Kwadwa Kusi Frimpong wrote:
‘’The issue Ghana faces is more about having adequate system and controls in place to ensure that there is no room for such things to happen.’’
As noted in the latest cryptocurrency news, financial management should not be conducted through middlemen and bitcoin because the savings of hundreds of people could be wiped out in a matter of moments.
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Bitcoin News

Overnight Pump Leads Bitcoin To Gains: Will They Sustain?

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The strong recovery for Bitcoin has been crucial lately, especially when it comes to BTC strengthening its position and lowering its volatility lately. After posting strong recoveries from the recent lows of $9,500, it seems like Bitcoin (BTC) is further extending its upwards momentum and now nears the next key price hurdle that could determine in which direction it will trend in the near term. An overnight pump has suggested that a new green wave is here - but will it sustain? At the time of writing, Bitcoin is trading up by less than 1%. The overnight pump added 2% to the current price of BTC but also took some in the past hour. Bitcoin is now at $10,736 with a $192 billion market cap. As such, the most dominant cryptocurrency is now nearing the next key price hurdle which could determine in which direction it will continue to trade in the near term. Many best cryptocurrency news sites spoke about the overnight pump and the recovery that followed BTC's drop to the $9,500 level - after being rejected that $12,000. From all of this, we can conclude that the $11,000 and $12,000 levels are very important and difficult for the dominant cryptocurrency to regain. We saw that bulls were not ready to allow bears to push the cryptocurrency into a new macro downtrend. As it stands, Bitcoin has a next key hurdle at $11,000. A decisive movement above this price level will likely lead it to climb significantly higher and the next level of resistance is put at $12,000 - an insurmountable level of resistance for Bitcoin over the past few weeks. The overnight pump also made analysts in the Bitcoin and altcoin news to take notes. One of them is the Cryptomist, a popular Twitter analyst who said:
“$BTC: Feel this move may be short lived. Rising wedge on multiple time frames including 3hr RSI.”
https://twitter.com/TheCryptomist/status/1163386603538173953 DonAlt also voiced his opinion in the latest cryptocurrency news and spoke about the overnight pump. As he said, he believes the current price region marks a "do or die" level for BTC which could set the tone for which direction it trends in the coming days and weeks.
“$BTC update: Somehow a mixture of well-respected level and chop. The daily and the 4h are at resistance. If those break I’d expect another leg up. It’s a bit of a do or die situation. I very much doubt any supports are going to hold another test,” he explained while referring to the charts below.
https://twitter.com/CryptoDonAlt/status/1163417215435235328
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Altcoin News

Crypto Custodian BitGo Hires Xapo Vice President As New CRO

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The digital asset trust and security company named BitGo has recently appointed the wallet provider Xapo's former senior vice president as its new chief revenue officer (CRO). The crypto custodian BitGo made the new hire recently, naming the former Xapo official Pete Najarian as its new CRO. The finance media outlet Finance Magnates reported the news on August 19 - which later spread to many best cryptocurrency news sites. According to the reports, Najarian will not serve as BitGo's CRO and will report to the chief executive officer (CEO) of the company, Mike Belshe. When commenting on the appointment, the CEO Belshe said:
“Pete has a deep understanding of capital markets and an exceptional breadth of experience in financial services. This makes him a perfect partner for institutional investors who are entering the cryptocurrency market. We’re building the financial infrastructure of the future and Pete’s experience in both traditional financial markets and cryptocurrency will be critical.”
The crypto custodian BitGo is one of the more stable companies out there - and Najarian's knowledge and skill set will definitely help the company. According to his LinkedIn profile, we can see that Pete Najarian has previously served as the global head of emerging markets sales at the Royal Bank of Scotland and has also been head of institutional client coverage - APAC at the financial services firm UBS (as well as other positions). Before this, the latest cryptocurrency news also showed that the crypto custodian BitGo has been expanding its presence to Japan this month - and is planning to substantially grow its Japan-based team. The expansion follows hiring a sales director for the Tokyo office of the firm. In May this year, the crypto custodian BitGo appointed a veteran Wall Street trader named Nick Carmi as its head of financial services - a hire which ostensibly intends to forge stronger connections between digital assets as well as the traditional financial sphere. Meanwhile, the latest Bitcoin and coming altcoin news show that there is a mix of greens and reds in the market, with the reds being more dominant as the crypto market suffered from another dump this Tuesday.
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Bitcoin Skeptic Claims BTC Is “Not A Hedge For Anything”

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A new Bitcoin skeptic is featured in the latest cryptocurrency news - providing analysis that is contrary to the arguments of the Bitcoin bulls. As the skeptic believes, Bitcoin is not a hedge against anything - much less the stock market. But before we dive in his analysis, let's explore the term hedge. A "hedge" is basically an investment made to offset some form of risk. As such, it can take many forms. For example, an investor may purchase put options on the stock market which will increase if the market falls. Therefore, the key to a hedge is that as an investment, it offsets risk in another investment. The Bitcoin skeptic claims that as such, BTC is not a hedge for anything. He has been featured on many best cryptocurrency news sites, talking about risk and volatility.  It is obvious that Bitcoin is more volatile and riskier than other securities. According to analysis, Bitcoin is about 60% more volatile than even a 3x leveraged version of the most volatile security on the market. Therefore, the Bitcoin skeptic claims that there is no chance that BTC could be a hedge against anything - let alone other popular altcoins in the altcoin news. According to Ed Butowsky who is the BTC skeptic and Managing Partner at Chapwood Capital Investment Management:
“Bitcoin is literally the riskiest tradeable asset right now, and I wouldn’t even call it an asset. It is literally backed by nothing and based entirely on speculation. That’s why it is so volatile. It's a sucker's bet, not a hedge.”
Butowsky also pointed out that no other chart could correlate (positively or negatively) to any other asset. Any expert who says otherwise, is "dead wrong" the Bitcoin skeptic claims. He even went on to point a video of an analyst saying that Bitcoin can be a good hedge, which can be seen on this YouTube link. And for those of you who think that Bitcoin is a perfect non-correlated asset to the stock market, the idea of the hedge is to offset risk. Bitcoin, with its current performance, only increases the overall risk in a portfolio.  
 
 
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