|Antwort auf:||Crash von Pascal Parvex|
It's been a crazy week and it is tough keeping up with all the FUD that seems to be coming for us. It honestly feels like a co-ordinated assault.
As much as I don't want to spend too much time addressing it, I am sure that you guys are concerned about it. So, I thought I would share a few words on it.
Firstly, let's address that China FUD. It's a classic one and has been around for years. Quite simply, this latest "news" is nothing new. It is basically the Chinese government reiterating the same ban that they had in place since 2017.
Cryptocurrency payments have always been banned but because the government is getting ready to launch the eYuan CBDC, they wanted to make it clear again.
Nothing has changed in law.
Of course, the headlines that addressed it did not point out that nuance.
No one really reads the stories these days. It is a lot easier to act on a title.
Or how about that news that the Treasury would like to see mandator reporting for crypto transactions above $10k?
Here are some juicy titles for you:
Sounds gloomy right? Everyone sending more than 10k in crypto would have to report it?
Well, this actually only applies to cryptocurrency businesses and it does not come into force until 2023!
Moreover, most US entities and companies actually report on their transactions to FINRA and they will be sharing data with the IRS. If you are a person who is using a business such as an exchange in the US and you withdrawing / sending more than 10k then it's almost certain that you already report that.
There is nothing of real substance here. It will have little material impact on the way that people do business in the crypto space.
Yet again, those facts don't sell as much as click baity headlines.
I will be addressing all of this in my email tomorrow - but I did want to slightly cover it right now.
Apart from that, I would highly recommend taking a break from the charts / news flow for the day.
Enjoy your Saturday and remember that there is a lot more to life than crypto
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