Elon Musk is against making hasty decisions on taxation of cryptocurrencies

The head of Tesla and SpaceX, Elon Musk, urged US lawmakers not to make hasty decisions regarding taxation of cryptocurrencies , which are provided for by the pending infrastructure bill.

Musk left his comment under the message of Coinbase CEO Brian Armstrong, one of the most vocal critics of the proposed amendments.

“At 11 pm, Mark Warner proposed amendments that would define which underlying technologies are acceptable in the cryptocurrency industry and which are not. This is a disaster, – says Armstrong.

Senator Warner asks Proof-of-Stake validators to obey the impossible, but not Proof-of-Work miners. The government is trying to identify winners and losers in this nascent industry where new technologies are emerging every month. They will probably make a mistake. «

Musk agrees:

“This is not the time to pick winners and losers in cryptocurrency technology. There is no crisis that would force the adoption of hasty legislation. «

Armstrong is also supported by the founder of the Cardano blockchain project Charles Hoskinson, the network developed by which uses the Proof-of-Stake consensus mechanism and therefore directly depends on the new regulation:

“If you are in the United States, then you have two senators from each state, there is a congressional representative living in your area. Find out who it is, and let us know that an extremely important issue for you is being resolved. Call, write, email reps, and flood them with fervent support. You can be a staking pool operator overseas, and just one US member could inadvertently make you a criminal. This is incredible and just demonstrates the inhuman lack of flexibility in such legislative initiatives. «

Bloomberg predicts the start of a bullish rally in Bitcoin in the coming months

Bloomberg strategist Mike McGlone said that BTC has a real chance of repeating the spring race, which resulted in a record high of $ 64,000. Bitcoin (BTC) rate this morning, August 6, climbed above the $ 43,000 level.

The Bloomberg team of analysts, which includes Mike McGlone, published a report on the assessment of the situation in the cryptocurrency market at the end of this week. It says that fundamentally, investor sentiment has improved, which has already had a positive impact on criteria such as network activity and computing power.

The BTC rally is expected to resume in the second half of 2021. Moreover, not only bitcoin will rise in price, but also other crypto assets traditionally dependent on BTC.

McGlone and his team also touched on the prospects for Ether (ETH) . According to the authors of the report, each network update will have a positive impact on the price of its underlying asset. In parallel, we should expect an increase in the use of both Bitcoin and ETH.

In anticipation of the London hard fork, the altcoin price added to the price, after the update was activated , the activity of network users weakened slightly, which led to a moderate decrease in the value of ETH. However, after that, along with the growth of BTC, the ETH quotes also resumed growth and now the ether is trading at $ 2900.

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