Bitcoin price at record high: New tax breaks in the US Congress!

Bitcoin price at record high: New tax breaks in the US Congress!

In recent weeks, the Bitcoin price has recorded a significant increase and is approaching a new all-time high. The total value of the Bitcoin market now exceeds $2 trillion. These developments come at a time when Senator Cynthia Lummis of Wyoming is playing a crucial role in introducing a new crypto bill in the US Congress, which is seen as a guide for the future of cryptocurrencies. It-Boltwise reports that Lummis has initiated a comprehensive tax law that provides tax breaks for Bitcoin and crypto investors.

The law, known as the “Lummis Crypto Tax Bill,” includes a de minimis tax exemption of $300 for most digital asset transactions. This would allow crypto users to be exempt from US capital gains tax on everyday payments using Bitcoin, Ethereum and other currencies. This regulation could significantly accelerate the mainstream adoption of crypto assets as a means of payment. Analysts expect this trend to continue in the second half of the year as investors increasingly look to Bitcoin ETFs and their integration into corporate balance sheets. BTC Echo highlights that The planned law should also benefit the altcoin sector.

Regulatory measures and future prospects

Lummis' initiative aims to establish the US as a leading location for crypto innovation. Critics of the current tax regulations argue that they act as a hindrance to technological developments. The new law contains, among other things, provisions that stipulate that income from crypto mining and staking will only be taxed at the time of sale. In addition, a 30-day wash rule will be introduced that aims to close tax loopholes.

It is estimated that the legislative initiative could bring around $600 million into state coffers by 2034. Another striking goal of Lummis is that the US could acquire one million Bitcoin within five years, which would cost about $109 billion. These measures are intended not only to strengthen the economic base of the United States, but also to ensure the country's leading role in 21st century finance.

In conclusion, the coming months could be crucial for the Bitcoin market. The regulatory framework will continue to have a significant influence on price development. With the growing acceptance of Bitcoin, the influence of large companies such as MicroStrategy that hold significant amounts of Bitcoin in their financial strategy, and the upcoming regulatory changes, the Bitcoin price could reach new highs in the next few months.