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.
Ghana’s Government Wipes Out Billions-Bitcoin Is The Solution
‘’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.
Overnight Pump Leads Bitcoin To Gains: Will They Sustain?
“$BTC: Feel this move may be short lived. Rising wedge on multiple time frames including 3hr RSI.”https://twitter.com/TheCryptomist/status/1163386603538173953 DonAlt also voiced his opinion in the latest cryptocurrency news and spoke about the overnight pump. As he said, he believes the current price region marks a "do or die" level for BTC which could set the tone for which direction it trends in the coming days and weeks.
“$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
Crypto Custodian BitGo Hires Xapo Vice President As New CRO
“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.
Bitcoin Skeptic Claims BTC Is “Not A Hedge For Anything”
“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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