Since the beginning of the 2024 U.S. presidential election campaign, President Donald Trump has shifted his approach to cryptocurrency, hinting at the possibility of no capital gains tax on U.S.-made crypto assets.
Trump Against Cryptocurrency: A Change in Stance
In 2019, Trump openly criticized Bitcoin, calling it 'based on thin air.' However, he is now positioning himself as a pro-crypto leader, aiming to turn the U.S. into a hub for crypto innovation.
Possibilities of Eliminating Capital Gains Tax
While the idea of eliminating capital gains tax on cryptocurrency is being discussed, Trump cannot enact this change alone. It requires Congressional approval, and even if Republicans gain control, not all lawmakers are on board with this plan.
Trump's Goals in the Cryptocurrency Space
Trump’s potential promise of a zero crypto tax may be aimed at: * Bringing investment and innovation back to the U.S. * Competing with China's digital currency. * Using crypto policy as a political tool.
The idea of eliminating capital gains tax on cryptocurrency remains just a concept. While Trump generates interest in the crypto community, actual implementation of this idea requires significant political steps.
