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Bitcoin, The US Election, and AI w/ Bill Barhydt | EP #113
Moonshots with Peter Diamandis
Double Taxation Dilemma
The taxation of crypto assets raises significant concerns, particularly regarding perceived double taxation, as individuals are taxed when they sell assets and again when they experience a decline in purchasing power of their currency. The current system allows immediate tax write-offs on repurchased assets, but there is skepticism about the sustainability of this loophole. Moreover, the argument for exempting capital gains taxes on commodity-like crypto assets is strong, emphasizing the unfairness of taxing individuals for preserving their wealth against inflation, which is seen as a burden on those opting for alternative currencies to safeguard their assets.
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