Trump to Abolish Income & Capital Gains Tax For Crypto!

CryptosRUs

Market Overview

  • The crypto market experienced high volatility due to fears over a new AI model from China, leading to a significant drop in tech stocks, including Nvidia.
  • Despite the drop, the market recovered, with Bitcoin returning to around $102.3.
  • The recovery is attributed to the realization that the AI model's impact may not be as severe as initially thought, and the ongoing bullish sentiment in the crypto market.

Trump's Tax Plans

  • There are discussions about potentially abolishing income tax in the U.S., with Trump suggesting that tariffs could suffice for the country's revenue.
  • Additionally, there's talk of getting rid of capital gains tax for U.S.-based crypto projects, which could be a significant boost for projects like XRP, Cardano, and others.
  • Eric Trump confirmed that work is being done on zero capital gains tax for U.S.-based crypto projects.

Regulation and Adoption

  • The EU Parliament has advised not to be afraid of cryptocurrencies like Bitcoin, seeing opportunities in them.
  • There are developments in ETFs, with in-kind redemptions allowing for less reason to sell and more incentive to hold Bitcoin.
  • Ripple has been strong, with advancements like securing licenses in tough states and benefiting from American crypto initiatives.

Project Updates

  • Jupiter has given out significant airdrops and is performing well, with its purchase of Moonshot, a meme app.
  • Telegram apps will now use Ton as their infrastructure, potentially helping Ton turn its situation around.
  • Coinbase may list a large number of coins, following Brian Armstrong's suggestion to rethink the listing process due to the sheer number of new tokens being created.

Community Questions and Discussions

  • Discussions on various coins and projects, including XRP, XCN, ETH, and AVAX, with varying opinions on their potential and current performance.
  • The impact of a potential no-tax policy on crypto in the U.S. and its effects on long-term holders and new investors.
  • Comparisons between exchanges, with Robin Hood being considered a significant platform for listings, similar to Coinbase.