Billionaire explains why bitcoin is better than fiat
Mexican billionaire Ricardo Salinas Pliego expressed an opinion on why the main crypto coin is better than fiat money. He used the fact that gold and fiat have always been under the control of the authorities, unlike cryptocurrencies.
The entrepreneur thinks that the decentralized nature of BTC greatly complicates the choice of prohibitive or regulatory measures in relation to digital currency. Such assets can be transferred quickly without mediation. Together with a limit of 21 million BTC, this allows the owner of the main crypto coin to acquire his property in a highly probable prospect.
“Everything we have in fiat is under the control of the authorities and can be confiscated. The government is not interested in making the use of cryptocurrency easier and more accessible,” Pliego said.
According to the businessman, people do not have fundamental data about the history of money and paper currency. Otherwise, they would have seen the value of bitcoin.
Meanwhile, in the United States, an initiative to exempt from tax crypto transactions up to $200 is again being considered. The corresponding bill was resubmitted to the House of Representatives of the US Congress by several senators.
It is about exempting citizens from capital gains tax if the profit from the use of crypto assets is not more than $200.
“In the past few years, virtual currency has developed rapidly and we have more opportunities to use it in everyday life. This healthcare-based law eliminates red tape and opens the door to innovation, which ultimately will dramatically increase our digital economy,” said one of the authors of the initiative.
Currently, in the US, owners of digital assets must report to the tax office on the profits received, not only on investments in cryptocurrencies, but also on payments. According to another senator, “the approval of the document will allow Americans to use their digital wallet as easily as cash.”
Do you think the billionaire from Mexico is right? And will the American senators get approval for their proposal?