Musk and Markus believe that if crypto is not considered “real”, it should not be taxed
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In a recent exchange on the social media platform X, formerly known as Twitter, we saw two influential figures weigh in on a controversial topic. The debate was sparked by an SEC statement in the Coinbase case, asserting that “crypto has “no innate or inherent value.”
This bold claim caught the attention of Dogecoin co-founder Billy Markus, who responded with a pointed critique, highlighting the taxes he had to pay on his crypto earnings. Elon Musk, CEO of Tesla and SpaceX, known for his influential stance on cryptocurrencies, joined the conversation, supporting Markus’ point of view.
Billy Markus’ first reaction to the SEC’s comments statement was both lively and direct. He defied the regulator, saying: “Then give back all the taxes you made me pay for receiving them, you horrible evil hypocrites.” » This comment highlights the perception of double standards in the regulatory approach to cryptocurrencies. On the one hand, authorities are quick to tax crypto earnings, treating them like tangible assets, while on the other hand, they question their inherent value.
Elon Musk, never one to shy away from engaging in a conversation about cryptocurrencies, asked a rhetorical question: “It’s real if you have to pay taxes, but otherwise it’s not real ?” This sarcastic remark highlights the inconsistency of the regulatory perspective. If cryptocurrencies like Dogecoin or Bitcoin are taxed like real assets, how can we deny their intrinsic value?
Billy Markus responded to Musk’s comment, suggesting that the “reality” of cryptocurrency is “transitory.” This statement can be interpreted in several ways. This could mean that the value and acceptance of cryptocurrencies are evolving, or it could allude to the volatile nature of these currencies. crypto marketwhere assets quickly gain and lose value.
As regulators work to define and understand the crypto field, influential voices like Markus and Musk continue to challenge and shape the narrative.