Bitcoin’s Drop From Biden’s Proposed Tax Hikes Not Likely to Last, BCB CEO Says

Bitcoin’s Drop From Biden’s Proposed Tax Hikes Not Likely to Last, BCB CEO Says

Oops!Something went wrong.Please try again later.Sebastian SinclairApril 23, 2021, 3:43 AM·2 min readOops!Something went wrong.Please try again later.Bitcoin has slumped more than 8%, over a 24-hour period, a drop attributed to U.S. President Joe Biden's proposed tax hike for capital gains on those earning above $1,000,000, but the effect may be temporary, according to the CEO of a leading crypto-dedicated payment services provider.Biden's proposed treatment of gains in equities as income, which proposes a rate of up to 39.6% instead of the current 23.8%, has had “a shock effect in all markets,” BCB Group CEO Oliver von Landsberg-Sadie told CoinDesk via private message. Still, cryptocurrency is likely to be unaffected long-term, he said.“While the shock may be sustained in stock markets, the nature of cryptocurrency will see straight through this dip,” said Landsberg-Sadie.Related: Bitcoin Sell-Off Leaves Cryptocurrency in Weakening Short-Term TrendThe CEO said Microstrategy's Michael Saylor and Tesla's Elon Musk had both made it “abundantly clear” in regards to their corporate treasury positions and holding bitcoin.“The difference between cryptocurrency and any other market is that we're seeing more and more large-scale crypto buyers who simply have no intent on exiting the position,” said Landsberg-Sadie. Instead, the halving stock-to-flow economics provided