He bitcoin price is on the rise again despite President Biden reiterating his hostile stance towards cryptocurrency traders.
During a speech in Chicago laying out his economic plan, Biden took aim at cryptocurrency traders along with other financial figures, saying he wanted to make the economy and tax system fairer by removing opportunities for cryptocurrency traders they evaded taxes.
โWe are going to do it fair by closing the loopholes for cryptocurrency traders and hedge fund managers,โ Biden said, according to a transcript. published by the White House.
Biden just said:
Let's make the economy fairer by eliminating tax loopholes for cryptocurrency traders and hedge fund managers. pic.twitter.com/vWRlVDPDSE
โ Quantitative Quiver (@QuiverQuant) June 28, 2023
Following Biden's comments on Wednesday, Bitcoin, which makes up more than half of the crypto market, fell 1.3% to just under $30,000. But on Thursday morning, investors shook off any jitters and pushed Bitcoin as high as $30,772 before pulling back to around $30,500, according to CoinMarketCap.
Biden had previously mentioned that he wanted to close crypto loopholes in May when his official Twitter account tweeted that Congress should close โtax loopholes helping wealthy crypto investors,โ which the tweet estimated at some $18 billion in lost tax revenue.
The cryptocurrency โloopholeโ in question likely refers to the fact that, unlike traditional stocks, traders can sell and repurchase cryptocurrency on short time frames without incurring a higher tax rate.
Biden's appointee to the Securities and Exchange Commission, Chairman Gary Gensler, has also increasingly cracked down on digital assets. Earlier this month the SEC filed lawsuits against crypto exchanges Binance and coin base for offering unregistered securities.
Increasing scrutiny from regulators did not stop Bitcoin from peaking at 52 weeks above $31,000 last week on the back of BlackRock's request for a spot Bitcoin ETF. Various other firms such as WisdomTree and Invesco followed BlackRock by applying for a spot Bitcoin ETF, and on Tuesday, The Block reported that Fidelity would soon submit its own application.
Last week we also saw almost $200 million worth of inflows into digital asset investment products: the highest weekly admissions in almost a yearaccording to a CoinShares report.
