Recent discussions around tax changes in the U.S. have drawn attention to Bitcoin, currently trading at $109,536.
Impact of Tax Rules on Miners
Senator Cynthia Lummis criticized existing tax rules as "flawed" for the Bitcoin ecosystem. Under current laws, miners and developers are classified as brokers, imposing burdensome reporting requirements. Lummis calls for a revision of the tax code to alleviate tax burdens on miners.
Current Bitcoin Price and Market Trends
As of now, Bitcoin is priced at $109,536, with a change of $267 (0.00%) in the last 24 hours. The intraday values range between $110,249 and $108,616. Analysts warn that Bitcoin's price may pull back if macroeconomic data does not meet expectations.
Bitcoin Price Predictions and Legislative Changes
Analysts predict Bitcoin could rise to $123,070 by June 12, 2025, according to Changelly forecasts. As Lummis continues her efforts for tax reform, analysts suggest that clarity in regulations could further enhance the growth of Bitcoin's value.
The situation with Bitcoin and tax reforms is rapidly evolving. Successful changes could reduce tax burdens on market participants and facilitate wider Bitcoin adoption.
