Biden’s plan to enforce a 44% tax on digital currencies is inciting significant disapproval from industry insiders. Experts warn that this stringent tax could hinder innovation and restrict further investments in the sector. Meanwhile, a growing number of crypto miners are weighing the option of moving their operations overseas amid increasing uncertainty. Moreover, influential lawmakers and business leaders are rallying for an alternative approach that supports market growth without burdening the cryptocurrency landscape excessively.
i think the 44% tax will hurt more than help. this heavy burden might push miners even further overseas and stifle innovation in crypto space. not sure it encourages any longterm growth really.
I have been following the developments around this initiative with considerable interest based on my own experience investing in digital currencies over the years. The imposition of such a steep tax may not only slow down innovation but also discourage reinvestment in technology that drives the sector forward. From what I have seen, both small-scale miners and larger institutions might relocate to more crypto-friendly environments, which could ultimately hinder overall market progress and stifle potential growth in the increasingly competitive ecosystem.