Fintech Daily: Bitcoin ‘Going To Moon’;It’s Official: Japan Has Eliminated Tax on Bitcoin; Are World
Bitcoin ‘Going To Moon,’ Could Reach $1 Billion: FOX News
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FOX News has joined the mainstream networks bullish on Bitcoin, embracing claims it could reach up to $1 bln.
In a segment of Making Money June 30, anchor Charles Payne hosted a celebration of Bitcoin, the latest rally of which could see it reach $1 mln “within the next few years,” he agreed. “For the most part we wrote it off as technology’s answer to Beanie Babies,” Payne began, “Well, it’s back, and this time this rally feels different.”
FOX joins networks such as CNBC in its newfound love of virtual currency, which until 2017 regularly received derogatory reviews from hosts and experts alike.
As Bitcoin circles $2,500 per coin, speculating over its price within five or ten years has become a new favorite sport of finance media looking to get investors excited.
“The reason Bitcoin is a financial revolution is because it’s decentralized,” Payne’s guest Naomi Brockwell, former policy director at the New York Bitcoin Center said.
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It’s Official: Japan Has Eliminated Tax on Bitcoin, Rise in Trading Expected
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Japan’s tax reform bill which officially eliminated consumption tax on the sale of Bitcoin came into effect on July 1. Bitcoin trading activities are expected to rise in Japan following the activation of the bill.
In a report entitled “Japan: Inbound Tax Alert, 2017 Tax Reform Proposals,” Deloitte previously revealed that virtual currencies including Bitcoin were set to be exempt from the eight percent consumption tax in Japan.Deloitte’s report read:
“The supply of virtual currency will be exempt from Japanese Consumption Tax (“JCT”). Currently, virtual currencies such as Bitcoin do not fall under the category of exempt sales, and as a result, the sale of virtual currencies in Japan have been treated as taxable for JCT purposes. Following the enactment of the amended Fund Settlement Law in May 2016, which newly defined “virtual currency” as a means of settlement, the sale of virtual currency as defined under the new Fund Settlement Law will be exempt from JCT. This change will apply to sales/purchase transactions performed in Japan on or after 1 July 2017.”
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Are World’s Elite Really Buying Into Ethereum?
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Earlier this week, sources including Business Insider revealed that John McAfee-led cyber security company MGT Capital has started to mine Ethereum alongside Bitcoin.
Mainstream media outlets including Business Insider have presented rather irrelevant narratives with headlines such as “Ethereum is Up 4000% This Year, And The World’s Elite Are All Buying In” with the sole announcement from MGT Capital to mine Ethereum using its cryptocurrency mining facility.
A part of the narrative presented by mainstream media outlets regarding the recent rise of Ethereum has been the non-existent competitive nature between Ethereum and Bitcoin. Reports and articles have continuously characterised Ethereum as the rival cryptocurrency and Blockchain network to Bitcoin.
However, the vast majority users, traders, investors and enthusiasts that do have a working knowledge of cryptocurrencies and the Blockchain sector understand that Ethereum and Bitcoin are not competitors or rivals. In fact, Bitcoin is a store of value and was developed to evolve into a global, peer to peer decentralized and transparent digital currency. In contrast, Ethereum was designed to provide an ecosystem for decentralized applications and decentralised autonomous organisations (DAOs).
Ethereum and Bitcoin have philosophies, monetary policies and structures that are entirely different from each other. Ethereum offers a smart contract-based protocol which prioritises flexibility while Bitcoin offers a secure store of value that can be used as money.
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