Industry analysis

Impacts of US crypto tax bills on the entire market

The high rate of acceptance of cryptocurrency in the US could be a possible sign that the future of cryptocurrency is brighter, considering the initial resistance it encountered. Recently, there have been multiple crypto tax bills passed across various states.

Some States in the US have approved the payment of taxes with crypto. In Ohio for example, taxes can now be paid in Bitcoin making the state the first US state to take this step.

Arizona and New Hemsphire have both also passed similar laws allowing its citizens to pay their income taxes in Bitcoin and other cryptocurrencies. to ever approve this in the US.

One could ask, what does this high in acceptance mean for the market? Below, we shall take a look at a few ways how US crypto tax bills can influence the entire market.

Impact of US crypto tax bills

Acceptance by other nations:

The US has shown that it is always at the forefront of technological advancement. It is a leader in both the blockchain technology and the cryptocurrency space. The country is home to some of the well known companies and projects within the industry.

With wider acceptance of cryptocurrency payments by other US States, other nations may turn to follow suit due to FOMO from the benefits the blockchain technology has in store.

Approval of Bitcoin ETFs:

One of the expected catalysts for the repeat of the crypto bull run of late Dec 2017 and early January 2018 is the approval of Bitcoin ETFs. With, the continuous rise in the number of States in the US passing favourable Bitcoin bills, the launch of Bitcoin futures could be soon.

These bills are expected to influence public opinion on how they view cryptocurrencies but also stimulate some investors who are scared of the unregulated nature of the space.

Also, since these bills provide a better framework and a better understanding of how the market works, it will most likely provide the Securities and Exchange Commission with some of the much-needed answers to their doubts.

Mass Adoption:

It is increasingly becoming obvious to some naysayers that the cryptocurrency market is here to stay. Some sceptics feel that the 2018 performance of the crypto market spells doom for the market.

However, these bills indicate that governments are gradually accepting the reality of cryptocurrencies and blockchain technology.

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