BitcoinBites: 5 BTC stories you should know – September 16th, 2021
El Salvador to exempt foreigner investors from tax on Bitcoin price gains
Foreign investors will not be required to pay taxes on profits from Bitcoin, a government adviser told the AFP this week.
Javier Argueta, legal adviser to President Nayib Bukele, told the news source, "If a person has assets in bitcoin and makes high profits, there will be no tax. This (is done) obviously to encourage foreign investment.”
“There will be no taxes to pay on either the capital increase or the income,” Argueta said.
El Salvador is making the most of its first-mover nation advantage. There are many Bitcoiners around the world looking to move to countries that try to take fewer capital gains taxes. The irony of these taxes is that many states make it extremely difficult to buy Bitcoin in the first place and then expect people to pay capital gains taxes for selling.
El Salvador became the first country to make Bitcoin legal tender on Tuesday. One-fifth of the country’s GDP relies on remittances. The introduction of Bitcoin as legal tender will cut the fees of those remittances down significantly and remove commissions entirely. Bitcoin is a major step toward banking El Salvador’s unbanked as well.
MicroStrategy buys another 5,050 Bitcoin;
Holds USD 5.1 Billion of BTC
The US-based publicly traded software company MicroStrategy, led by the prominent bitcoin (BTC) bull Michael Saylor, announced today that it has purchased an additional BTC 5,050 at an average price of USD 48,099.
As usual, the bitcoin purchase was publicized by Saylor via his Twitter account, where he also said that the company now holds a total of BTC 114,042 purchased at an average price of USD 27,713.
Nearly half of Brazilians would welcome Bitcoin as official currency
Valor Investe, a financial education website based in Brazil, reported a recent survey whose results suggested that 48% of Brazilians would welcome Bitcoin as an official currency in the country. The study involved 2,700 respondents across the South American countries of Argentina, Costa Rica, Chile, Colombia, El Salvador, Venezuela and Brazil.
Brazilians were also the biggest supporters of the decision by El Salvador to adopt Bitcoin as legal tender. A substantial 56% of Brazilian respondents felt that the crypto adoption was a good move. The study commissioned by Sherlock Communications found that just over a fifth categorically rejected the idea of crypto.
“Brazilians were the biggest advocates of crypto-recognition in the region, with 56% supporting El Salvador’s approach and 48% saying they want Brazil to adopt it as well… Another 30% neither agree nor disagree and 21% are against the idea (12% disagree and 9% strongly disagree).”
Bitcoin price forms 8th ever Golden Cross
Forget the digital gold narrative. All across crypto Twitter, online forums, and anywhere else cryptocurrency community chatter exists, the discussion is centered around the Golden Cross that’s forming on the BTCUSD trading pair.
According to Investopedia, a Golden Cross “occurs when a short-term moving average crosses over a major long-term moving average to the upside.” It is “interpreted by analysts and traders as signaling a definitive upward turn in a market,” the description continues. Specifically, this Golden Cross refers to the 50-day moving average crossing above the 200-day moving average.
Bitcoin (BTC) adoption grows 1,200% in Africa
The adoption of Bitcoin in Africa has swelled immensely over the past year, making it the third fastest-growing Bitcoin economy globally.
A report produced by Chainalysis estimated the growth to be over 1,200%, which means there has been an increase in Bitcoin activities carried out by retail investors who save, remit, and exchange digital assets using different P2P platforms.
This was confirmed by the co-founder of Paxful Artur Schaback, who said the crypto app has witnessed a surge in activities from African nations, especially Nigeria and Kenya, with a 57% and 300% increase respectively in the previous year.
BONUS BITE: Gold Expert Says Bitcoin Can Go To Regions That We Cannot Imagine
Ronnie Stoeferle, author of “In gold we trust” report, says that we are at a “monetary tipping point” and that the next phase of the upwards Bitcoin movement has not even started yet.
Gold expert Stoeferle was interviewed on Kitco News yesterday, and even though he remains hopeful of gold’s imminent rise, he admits to being very open to cryptocurrency. In fact, he is a managing partner of Incrementum AG, and two of the funds that his company manages have combined gold, gold mining stocks, Bitcoin, and other cryptocurrencies.
He feels that gold and Bitcoin are complementary assets to have in a portfolio, but he believes Bitcoin has stolen the limelight from gold due to the media coverage of its volatility etc, and the fact that it is so controversial.
Stoeferle says that he and his partner started investing in Bitcoin as early as 2012. He thinks the asset is extremely interesting and that the cryptocurrency industry as a whole contains the most brilliant people.
For the latest Bitcoin prices, check out NDAX's BTC Price page