This fire sale is great.
The majority of people selling their Bitcoin right now are going to buy it back before FY24 starts on April 1, 2023.
Why? Because Biden just announced that people will no longer be able to sell crypto (using the “c” word because it applies to all, not just Bitcoin) and then buy it back immediately and still claim it as a loss on their tax returns (tax harvesting). This has already been the case with equities for a long time.
It was inevitable that it would be the case in this space.
Myself and other Hodlrs couldn’t care less, and it’s actually exciting to be able to buy even more Sats at a discount.
At the end of the day, you’re either in Bitcoin to exit the fiat game or using it to try and win the fiat game. If it’s the latter, you will ultimately lose.
Boniq / ₿oniq
npub13g…zcv3h
2023-03-09 20:54:29
Author Public Key
npub13gt4kk5dm3v5jh6r6efd0r9mk4kvvechk8gzne4ttear0vrakx3q8zcv3hPublished at
2023-03-09 20:54:29Event JSON
{
"id": "74be1f6f73bd3a2177a994949e143f1dac4bbd2430755c04dd4bfc5493465cc8",
"pubkey": "8a175b5a8ddc59495f43d652d78cbbb56cc66717b1d029e6ab5e7a37b07db1a2",
"created_at": 1678395269,
"kind": 1,
"tags": [],
"content": "This fire sale is great.\n\nThe majority of people selling their Bitcoin right now are going to buy it back before FY24 starts on April 1, 2023.\n\nWhy? Because Biden just announced that people will no longer be able to sell crypto (using the “c” word because it applies to all, not just Bitcoin) and then buy it back immediately and still claim it as a loss on their tax returns (tax harvesting). This has already been the case with equities for a long time.\n\nIt was inevitable that it would be the case in this space.\n\nMyself and other Hodlrs couldn’t care less, and it’s actually exciting to be able to buy even more Sats at a discount.\n\nAt the end of the day, you’re either in Bitcoin to exit the fiat game or using it to try and win the fiat game. If it’s the latter, you will ultimately lose.",
"sig": "a4f804c9688eab1c1eff10e978a61e9a14ee223bd1b0f6145430b4035be02a4d299f5bc4908882a50cbc396bf2d46a8d8dd1efd85bfabcdd955e55ca31b9a848"
}