Arizona Signs Blockchain Bill and George Soros Fund is said Trade Cryptocurrencies

Harsh Bhutani

Contributor
Staff member
Arizona Signs Blockchain Bill and George Soros Fund is said Trade Cryptocurrencies

As an amendment to the Arizona Revised Statutes, Doug Ducey, the governor signed the Corporations/Blockchain Technology bill or House Bill 2603 which already supports “signatures and records secured through blockchain technology and smart contracts.” Moreover, George Soros, who runs the $26 billion investment firm has been a cryptocurrency bear for a long time has been reported to start trading the digital currency at his New York-based family office. Back in January, Soros called the high-flying cryptocurrency market a bubble.
 

Old Man Crypto

Expert chainblocker
Staring at April 17th as the market turning point. Give everyone a week or two to recover some discretionary money after paying taxes, and the markets will start creeping up.

Hope I’m right, I’m just guessing like everybody else. :D
 

The CC Forums

Admin
Staff member
As a few of us have said here recently, US states and other countries who pass crypto-friendly or even just crypto-tolerant regulations will benefit from boosts in their economies. Outright bans like India is trying and China has done will ultimately backfire and drive business out of their countries.

The next phase of crypto maturation is just around the corner.
 

CryptoTC

Crypto Fat Cat
Tax day looms big for some. April 17th is going to hurt some investors and permanently move some out of the space.

I’ll bet a decent percentage still tried to hide their crypto though. Doing taxes is really a huge headache. Huge for me and there are plenty of people who trade a lot more than me if you believe other sites like Reddit and bitcointalk.
 

The CC Forums

Admin
Staff member
Tax day looms big for some. April 17th is going to hurt some investors and permanently move some out of the space.

I’ll bet a decent percentage still tried to hide their crypto though. Doing taxes is really a huge headache. Huge for me and there are plenty of people who trade a lot more than me if you believe other sites like Reddit and bitcointalk.

I have such mixed feelings on US taxes. I was surprised when I learned that many crypto investors expected to owe taxes only when they ‘cash out’ to USD. I did some digging and didn’t find good tax coverage out there last year, so we wrote several articles with principles and practical advice.

Now it’s all over the crypto news that US cap gains taxes are hurting the market overall and crypto investors who realized gains in 2017 but have huge losses in 2018 they can’t use until next year. Double hit.
 

Old Man Crypto

Expert chainblocker
Taxes are a fact of life. We all hate government overspending, but we all need the infrastructure that taxes pay for. We can’t live without roads, emergency services, utilities, and on and on. But we could cut a lot of waste out.

But I agree that crypto markets didn’t see it coming. A lot of younger first time investors didn’t understand or read opinions claiming like-kind exchanges apply. What they didn’t know is you have to report them anyway like in your recent article.
 

The CC Forums

Admin
Staff member
Taxes are a fact of life. We all hate government overspending, but we all need the infrastructure that taxes pay for. We can’t live without roads, emergency services, utilities, and on and on. But we could cut a lot of waste out.

But I agree that crypto markets didn’t see it coming. A lot of younger first time investors didn’t understand or read opinions claiming like-kind exchanges apply. What they didn’t know is you have to report them anyway like in your recent article.

Well said. Let’s talk about Soros. Lots of big money interest coming into crypto, at least the well known coins. That eventually has to boost markets I would think. Unless they’re all coming in to short or trade futures contracts only. I haven’t heard much about the Grayscale new ETH, BCH and XRP funds lately. Anyone else found recent updates on those?
 

CryptoTC

Crypto Fat Cat
I have such mixed feelings on US taxes. I was surprised when I learned that many crypto investors expected to owe taxes only when they ‘cash out’ to USD. I did some digging and didn’t find good tax coverage out there last year, so we wrote several articles with principles and practical advice.

Now it’s all over the crypto news that US cap gains taxes are hurting the market overall and crypto investors who realized gains in 2017 but have huge losses in 2018 they can’t use until next year. Double hit.

You didn’t create the US tax laws. Merely reporting them. Have you seen coindesk’s tax series? They’re all over the topic too.
 

Old Man Crypto

Expert chainblocker
Well said. Let’s talk about Soros. Lots of big money interest coming into crypto, at least the well known coins. That eventually has to boost markets I would think. Unless they’re all coming in to short or trade futures contracts only. I haven’t heard much about the Grayscale new ETH, BCH and XRP funds lately. Anyone else found recent updates on those?

I had to go look to refresh my memory but those were just announced 4 weeks ago and they’re closed to just qualified investors or accredited investors. In other words, big money gets first shot at them.

Wonder if they’re buying for those funds at these prices. Someone better at blockchain tracking should try to find their addresses and holdings. LOL.
 

CryptoTC

Crypto Fat Cat
I had to go look to refresh my memory but those were just announced 4 weeks ago and they’re closed to just qualified investors or accredited investors. In other words, big money gets first shot at them.

Wonder if they’re buying for those funds at these prices. Someone better at blockchain tracking should try to find their addresses and holdings. LOL.

Just beat me to it. I was also looking for that news.

XRP, BCH, LTC & ETH: Grayscale Adds 4 New Crypto Trusts - CoinDesk
 

The CC Forums

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Staff member
I had to go look to refresh my memory but those were just announced 4 weeks ago and they’re closed to just qualified investors or accredited investors. In other words, big money gets first shot at them.

Wonder if they’re buying for those funds at these prices. Someone better at blockchain tracking should try to find their addresses and holdings. LOL.

Just beat me to it. I was also looking for that news.

XRP, BCH, LTC & ETH: Grayscale Adds 4 New Crypto Trusts - CoinDesk

Thanks. I’ll try to watch this story closer over the next few months. I do remember reading about accredited investors only for some period of time. A year seems like too long though. Their funds typically trade at a premium, but it’s a good way to have crypto exposure in a tax-deferred retirement account as I said in my buying bitcoin article. Just be sure to not over commit retirement money into crypto. Most professional advisors, which I am not, suggest limiting exposure to risky assets to less than 5% of your portfolios.

Easy ways to buy bitcoin - The Cryptocurrency Forums
 

Old Man Crypto

Expert chainblocker
lJust be sure to not over commit retirement money into crypto. Most professional advisors, which I am not, suggest limiting exposure to risky assets to less than 5% of your portfolios.

Easy ways to buy bitcoin - The Cryptocurrency Forums

As an old man, I second this. The stock market will still be the investment that produces the best long term gains over the next decade or two. Diversify means different asset classes, not different cryptos. Don’t put all or even a lot of IRA money in cryptos.
 
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