Peter Brandt: "Joe Biden's presidency could be bad for bitcoin" – Bits Media

There is an opinion in the cryptocurrency community, that the policy of US President Joe Biden could negatively affect Bitcoin and the entire cryptocurrency market.

Despite, that Biden has been in office for only a few months, the president is already making radical changes in the domestic policy of the country, that could affect the cryptoasset industry. So, the presidential administration intends to double the capital gains tax - up to 43.4%. First of all, this will affect wealthy citizens., including bitcoin in portfolios for diversification.

The proposed changes in tax legislation are aimed at increasing funding for social programs without harming the economy. However, trader and analyst Peter Brandt (Peter Brandt) considers, that such "tax plans" became one of the factors, influencing the recent depreciation of bitcoin to $47 thousand.

“Biden’s presidency could be bad for bitcoin. People will start selling cryptocurrency, to pay capital gains tax. But I don't think, that the bearish trend will last a long time ", – suggested Brandt.

Jesse Powell, CEO of Kraken Cryptocurrency Exchange (Jesse Powell) also thinks, что такие нововведения Байдена для стимулирования экономики США могут повредить развитию рынка криптовалют. Powell
started a discussion among his Twitter followers, is it worth moving to Texas, which is considered the center of cryptocurrency development. Some users suggested that he change jurisdiction to Puerto Rico, what Powell called a possible way out of the situation.

Президент США также начал обсуждать регулирование рынка криптовалют с Комиссией по ценным бумагам и биржам США (SEC). This month Gary Gensler (Gary Gensler) was officially approved as chairman of the SEC. Given his knowledge of the cryptocurrency industry, its regulation can get off the ground. However, if we take into account, that Biden is concerned about the environment and climate change, and many opponents of bitcoin believe, that its mining leaves a large carbon footprint, власти США могут ужесточить своё отношение к биткоину.