Charlie Munger Denounces Bitcoin | U.S. Crypto Holders Not Paying Taxes
Bitcoin is starting another run.
Or at least it seems to be, touching almost $10,000 from its low of $6000 (giving those who bought in at the low another chance for nearly 100% gain).
Although, with a rise in the market, we have Warren Buffet's long-time business partner at Berkshire Hathaway, Charlie Munger, denouncing Bitcoin.
Charlie Munger Denounces Bitcoin
Charlie was asked recently at an annual meeting for the Daily Journal Corporation about Bitcoin and stated:
“I expect the world to do silly things from time to time because everybody wants easy money..."
Following up with, "It’s just disgusting that people are taken in by something like this… Our government’s lax approach to it is wrong. The right answer with stuff that bad is to step on it hard.”
Now, this is coming from Buffet's business partner, one of the most well-known investors in the world, but there is a caveat.
Buffet and Munger have always strayed away from technology.
They stick to what they know, See's Candies, Coca-Cola, and the like.
And they only invest in what they use on day-to-day, which being a 94 Year Old Man, means probably not something to do with a smartphone and 65 digit hashing addresses.
Thus, while it seems dreary, they are the same ones who said that Amazon would never work during the IPO craze.
Credit Karma Says Only .04% of U.S. Crypto Holders Pay 2017 Taxes
Then we have Credit Karma releasing that only .04% of U.S. crypto holders that participated in transactions paid taxes.
Granted, it comes with a bigger issue...
Taxing cryptocurrencies is a complex matter, and for those doing taxes themselves, it can be incredibly hard to make sure that they are done properly.
Credit Karma expects more people to be filing later in the season as these are difficult transactions to tax.
It begs the question of mainstream adoption and how to handle growth to the masses with the current tax situation.
This is why we always use one of the easiest ways to file taxes and know how much you owe at Bitcoin.tax.
Learn more about Bitcoin.Tax here.
Thanks for reading,The GCA Team
Posted from my blog with SteemPress : https://globalcryptoacademy.com/charlie-munger-bitcoin-us-crypto-holders-taxes/