Bitcoin Will Be Government-Regulated and Taxed, And That Is Fine: Raoul Pal

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Thu, 11/26/2020 - 14:04
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Yuri Molchan
Raoul Pal, Real Vision Group cofounder and BTC supporter, believes that, as cryptocurrencies become regulated, they will also be taxed, and he explains why that is okay
Bitcoin Will Be Government-Regulated and Taxed, And That Is Fine: Raoul Pal
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Raoul Pal, founder of Global Macro Investor and Real Vision Group, has taken to Twitter to discuss the future of Bitcoin in the context of its secrecy from governments, the application of KYC (“know your customer”) measures and other aspects.

Many in the comment thread did not like what the vocal Bitcoin supporter had to say about that.

"They will regulate it. You will declare it."

Raoul Pal stated that secrecy from governments and the absence of any KYC measures from crypto exchangeswhich are often referred to as the main virtues of Bitcoin and other cryptosis not how things will actually stand in the future. Pal means the future in which crypto reaches mass adoption.

The Real Vision cofounder wrote that, contrary to that, the government will make crypto owners declare their digital assets and will impose taxes on them. Crypto holders will be obliged to do KYCand that is fine, Pal tweeted.

None of this will destroy Bitcoin as a store of value, he added. This kind of approach will integrate it, and that is what real adoption is about.

BTC
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"If you want roads, you have to pay taxes"

The opinions of community members in the comment thread split into those who agree with Pal and those who strongly disagree.

One of the commentators wrote that people want to be left alone and not be taxed on their BTC. To that, Pal replied that this will hardly be the actual scenario.

Tough. ain't gonna happen. If you want roads, then you have to pay taxes...

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

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