Is Bitcoin more than digital gold?
On this episode of A Wiser Retirement™ Podcast, we talk about whether Bitcoin is more than digital gold with Casey Smith and Robert Swarthout, Founder, CEO, and Portfolio Manager of Teton Crypto Capital. We also give an update on the SEC vs Ripple case, explain Bitcoin halving, and mention that the IRS issued a draft for the new 1099-DA.
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Summary
Bitcoin Halving
Bitcoin’s halving event occurs every four years until 2140, which reduces the reward for mining new Bitcoin and promotes a competitive market for mining hardware. This event historically influences Bitcoin’s price, potentially leading to inflation.
Digital Ownership with Satoshis
The concept of inscribing data into individual Satoshis, akin to NFTs, is discussed. While this offers unique digital ownership, there is skepticism about its long-term viability due to potential obsolescence as Bitcoin’s value increases.
Ripple vs. SEC Legal Battle
The ongoing legal battle between Ripple and the SEC is a focal point. The case, which could extend until 2025, involves the SEC demanding significant penalties from Ripple, affecting the price and market stability of Ripple’s XRP token.
Regulatory Challenges in Crypto
There are continuing challenges with crypto regulation, particularly issues with the IRS and new reporting requirements that could complicate crypto transactions. Form 1099-DA is a new tax form dedicated to digital assets. There’s mention of potential changes in SEC leadership which could also influence future crypto regulations.
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