Coin Stories News Block: BlackRock’s Fink Declares Bitcoin a New Asset Class, Country Hikes Bitcoin Capital Gains Tax, Do Tax Increases Decrease Govn't Debt?
Oct 17, 2024
BlackRock's recent endorsement of Bitcoin signals a shift in institutional adoption, with Larry Fink highlighting its potential as a hedge against currency instability. The podcast also delves into breaking records with spot Bitcoin ETFs, underscoring the growing interest among investors. Meanwhile, Italy's drastic increase in capital gains tax on Bitcoin raises concerns about capital flight and suggests a flight to safety amid rising government debt. The discussion vividly illustrates the interplay between taxation and the evolving Bitcoin landscape.
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Bitcoin's Importance
- 2024 may be remembered as the year it became risky not to own Bitcoin.
- Legacy institutions are echoing Bitcoiners, stating Bitcoin protects against currency debasement.
Institutional Adoption of Bitcoin
- BlackRock's promotion of Bitcoin to institutional investors carries more weight than individuals on social media.
- Surveys show increasing institutional and millennial interest in Bitcoin and other cryptocurrencies.
Tax Increases and Capital Flight
- Italy raised its Bitcoin capital gains tax to 42% to address its high debt.
- Norway's wealth tax increase led to capital flight and a net loss of tax revenue.