Bittime - Bitcoin and crypto prices have surged again this year, pushing Bitcoin into the spotlight. This even caused Donald Trump to show a different attitude towards crypto.
The price of bitcoin surpassed $73,000 per bitcoin this week, surpassing its all-time high in 2021 and pushing the prices of smaller cryptocurrencies such as ethereum ,
Now, as Tesla billionaire Elon Musk makes a dramatic return to the crypto forefront, US President Joe Biden is accused of trying to “destroy” crypto in the US and “erase billions of dollars of investor value.”
Bitcoin and Crypto Tax Controversial Proposal
Reportedly, Joe Biden has restarted his plan to impose a 30% tax on bitcoin and crypto.
This week, the Biden administration reintroduced a controversial proposal to tax bitcoin and crypto miners who use high-powered computers to secure crypto networks and verify transactions.
"Any company that uses computing resources, whether owned by itself or leased from another party, to mine digital assets will be subject to an exis tax of 30% of the cost of electricity used in digital asset mining," the US Treasury wrote in the revenue proposal its 2025.
The digital asset mining energy tax (Dame), first proposed a year ago, would impose a 30% exis tax on bitcoin and crypto miners' electricity costs, likely forcing them to flee the country as happened in China when the occurrence of regulations that are considered to put pressure on miners in 2021.
Check Today's Crypto Market:
| BTC/IDR | SOL/IDR |
| ETH/IDR | USDT/IDR |
| DOGE/IDR | ARB/IDR |
BTC Price Today
Source: Bittime
Based on today's Bittime market, BTC prices were observed to have increased 1.74 percent in the last 24 hours. Currently the price of BTC to IDR is IDR 1,064,797,127.
Also Read How to Buy Crypto:
Response Regarding Crypto Tax Plan
"Implementation of a 30% blanket federal tax on digital mining would certainly devastate the sector and wipe out billions of dollars of investor value almost instantly in the US," Taras Kulyk, CEO of mining hardware company SunnySide Digital, told DL News.
Globally, the estimated electricity use by Bitcoin miners each year is equivalent to the electricity use of several small countries. Most of the world's Bitcoin miners came to America after the exodus from China.
“A 30% punitive tax on digital asset mining would destroy any foothold the industry has in America,” pro-bitcoin and crypto senator Cynthia Lummis, a Republican from Wyoming, wrote in X.
Lummis added that the White House budget is “very bullish on crypto assets,” due to expectations for the future tax revenue it could collect.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime .
Monitor price chart movements of Bitcoin (BTC ) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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How to Trade Bitcoin when the Price Drops
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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