Today the Crypto Market dipped significantly upon hearing news that there would be a proposed increase in the capital gains tax. The newly proposed tax margin would double up to 39.6% for people making more than $1 Million a year. This caused some people to panic sell, while others say its a market correction and others believe it won’t pass but, are taking this as a time to buy at discounted prices. The price of Bitcoin actually fallen below $50,000 per coin. That’s a significant drop considering it has been hovering at around $60,000 in recent times. A few weeks ago there was also news that Turkey banned Crypto currencies for payment. Some people think its the beginning of a crack down on Crypto currencies.
Source: Pixabay
Meanwhile other countries like China have called Bitcoin an alternative investment in recent weeks. They are also working on testing out their own Digital Yuan currency in real life situations as we speak. There is no doubt that businesses and countries have significantly adopted to the new Crypto currency markets. There is also talks that other countries are beginning to develop their own digital currencies like the Dollar, Pound, Euro, Yen, Peso etc because these are centralized and can be controlled by the government unlike Bitcoin, Ethereum, XRP etc. These types of digital currencies would be called central bank digital currencies (CBDC). These CBDC’s will lessen the need for physical banknotes and coins. What do you think will be the future of the Crypto market in the upcoming years?
Source: AS
