Bitcoin in Brief Tuesday: The Tax Man Effect

Bitcoin in Brief continues with the second day this week of mostly FOMO news. The biggest economy in the world faces the tax man today, as the United States and its crypto enthusiasts must atone for the sin of last year’s gains. Economists and market bulls are insisting that this fact caused dramatic sell offs, leading to haircuts across the board. Bulls believe, after today, prices ought to soar.

Also read: Bitcoin in Brief Monday: A Panther’s Moonshot Bet

Tom Lee on Crypto Tax

Once again, we get another chance to test the predictions of a much cited financial professional. We’re once again focusing on crypto’s favorite guru, Tom Lee of Fundstrat.

He was seen recently on Fast Money, making his case for why the ecosystem should prepare itself for the potential of incoming cash tsunamis, as this year’s US tax deadline is upon us today. It is estimated americans owe the tax man as much as $25 billion. The panel doesn’t just accept Mr. Lee’s prognostications, and instead makes him work a little to better flesh out why he continues to say what he does. If you’re a bitcoin core proponent, these five minutes will be comforting.

They Pay You

Assuming after-tax price spikes, you’re going to need a hot wallet to store your bitcoin cash. After you’re done installing the Bitcoin.com Wallet, check out the I Pay You idea. Gift cards are gaining in popularity among enthusiasts, for a variety of reasons, and this wallet seeks to capitalize and grow that trend.

Supporting both bitcoin core and bitcoin cash, the company claims average minimum fees of 3 cents, the ability to send payments through Twitter and email, your own bitcoin address, same day turnaround, with the intriguing notion of buying gift cards for them (they’ll pay you). “Sell bitcoin and bitcoin cash at any time and receive USD funds in your bank account. We support all banks and credit unions in the USA via ACH transfer,” the company website promises.

Hacked?

You ever come across a cry for help, and instantly you find yourself almost humming? Prominent initial coin offering investor (and some say, shill), Ian Balina, claims to have been hacked for a loss of something like $2 million USD. Hmmmmmm. I’ll just leave this here.

Bitcoin Fetus

It had to happen, right? A tweet explained, “After months of private Alpha, we are pleased to announce the official release of the public Beta version of the project previously [known] as ‘Bitcoin Fetus.’ Codename: ‘Bitcoin Baby.’ Notable changes: autonomous breathing, more modular design.” They’re not kidding.

Spring Cleaning

And what would Spring be without a good cleaning! The following briefs don’t really follow a theme, but are worthy of mention: Jeffrey Tucker convinces popular podcaster to accept crypto; the New York Times’ Nathaniel Popper is having none of the hype surrounding Coinbase’s latest acquisition; Bitcoin Core continues to receive good-natured ribbing; when it comes to bitcoin cash, Satoshi Dice is killing it; crypto enthusiasts are jockeying to show adoption all over the world; and hopeful signs appear in Venezuela as Localbitcoins continues its charge. We’ll see you again, here, tomorrow.    

Would you use a wallet like I Pay You? Let us know in the comments section below.

Images courtesy of Shutterstock. Special thanks to Marcel Chuo, Kai Sedgwick for sourcing.

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