{"id":32479,"date":"2020-11-27T16:44:33","date_gmt":"2020-11-27T14:44:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=32479"},"modified":"2025-08-28T08:51:44","modified_gmt":"2025-08-28T05:51:44","slug":"taxation-and-regulation-of-bitcoin-are-normal","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/taxation-and-regulation-of-bitcoin-are-normal\/","title":{"rendered":"Taxation and Regulation of Bitcoin Are Normal"},"content":{"rendered":"<p>The future of cryptocurrencies is not tied to anonymity; as adoption grows they will be regulated and taxed, says prominent macro-investor Raoul Pal. His tweet sparked a wave of criticism from the community.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">If you think that secrecy from governments and no KYC is bitcoins future then you don\u2019t understand what adoption looks like. They will regulate it. You will declare it. You will have to do KYC and that is fine. It doesn\u2019t take away its store of value but just integrates it.<\/p>\n<p>\u2014 Raoul Pal (@RaoulGMI) <a href=\"https:\/\/twitter.com\/RaoulGMI\/status\/1331759587876335617?ref_src=twsrc%5Etfw\">November 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p>&#8220;If you think that secrecy from governments and the absence of KYC is Bitcoin&#8217;s future, you don&#8217;t understand what adoption looks like. They [the authorities] will regulate this,&#8221; Pal said.<\/p>\n<\/blockquote>\n<p>In his view, this approach does not deprive cryptocurrency of value. Holders of digital assets will undergo KYC, &#8220;and that&#8217;s fine,&#8221; the macro-investor noted.<\/p>\n<p>Many Twitter users did not share this view. One said that people want to be left alone.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">It enables the government to take from you and tax you. There\u2019s an aspect of that in this revolution. People want to be left alone<\/p>\n<p>\u2014 AJ La\u20bfella.eth (@AJ_LaBella) <a href=\"https:\/\/twitter.com\/AJ_LaBella\/status\/1331760092547588096?ref_src=twsrc%5Etfw\">November 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In response, Pal reminded that roads require taxes. He regards a scenario in which Bitcoin remains outside the regulatory framework as unrealistic.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">Tough. ain\u2019t gonna happen. If you want roads, then you have to pay taxes\u2026<\/p>\n<p>\u2014 Raoul Pal (@RaoulGMI) <a href=\"https:\/\/twitter.com\/RaoulGMI\/status\/1331760325654441987?ref_src=twsrc%5Etfw\">November 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The host of a popular Bitcoin podcast, Stephan Livera, believes the future remains shrouded in ambiguity. In his view, two versions of Bitcoin could coexist: one tightly regulated by authorities, another open, more private and freer.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">I think that future isn\u2019t written yet, it could still end up being \u2018two worlds\u2019 co-existing:<br \/>1. Walled garden regulated compliant bitcoin.<br \/>2. Open, more private bitcoin. Bit more messy, but more free.<\/p>\n<p>\u2014 Stephan Livera (@stephanlivera) <a href=\"https:\/\/twitter.com\/stephanlivera\/status\/1331761016649105410?ref_src=twsrc%5Etfw\">November 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Alena Vranova, founder of SatoshiLabs and co-author of The Little Bitcoin Book, sees KYC as a threat to Bitcoin holders.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">KYC may be a great danger to bitcoin buyers. Anyone who hacks an exchange has your name, address, and probably how much BTC you own. Not a place to be.<br \/>It\u2019s a very different type of situation than banking yet we\u2019d apply rules designed for opaque banking systems.<\/p>\n<p>\u2014 Satoshka and 21 million #NoBrrrrrBitcoin (@AlenaSatoshi) <a href=\"https:\/\/twitter.com\/AlenaSatoshi\/status\/1331963506984431618?ref_src=twsrc%5Etfw\">November 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p>&#8220;Anyone who hacks an exchange will have your name, address and, possibly, information about how many bitcoins you own. There should be no regulation here. It\u2019s a very different type of situation from banking yet we\u2019d apply rules designed for opaque banking systems,&#8221; wrote Vranova.<\/p>\n<\/blockquote>\n<p>Alex Gladstein, chief strategy officer of the Human Rights Foundation, urged Pal not to take the &#8220;wrong side.&#8221; In his view, Bitcoin is about privacy and freedom, not institutional adoption.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">Ok, so what about encrypted communications? People said this in the early 90s. There must be back doors! Guess what? The Cypherpunks won. Now we can all use Signal. Please don\u2019t be on the wrong side of this fight. Bitcoin is about privacy and freedom not institutional adoption.<\/p>\n<p>\u2014 Alex Gladstein (@gladstein) <a href=\"https:\/\/twitter.com\/gladstein\/status\/1331777414863540224?ref_src=twsrc%5Etfw\">November 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier the macro-investor had already made headlines. In June 2020 Pal, in a series of tweets, said that Ethereum could well overtake Bitcoin in growth. He declined to name exact timings.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forkloglive\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog FEED<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The future of cryptocurrencies is not tied to anonymity; as adoption grows they will be regulated and taxed, says prominent macro-investor Raoul Pal. His tweet sparked a wave of criticism from the community.<\/p>\n","protected":false},"author":1,"featured_media":32480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1138,36],"class_list":["post-32479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-opinions","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=32479"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32479\/revisions"}],"predecessor-version":[{"id":32481,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32479\/revisions\/32481"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/32480"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=32479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=32479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=32479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}