Bill Miller IV, Chief Investment Officer of Miller Value Partners, stated that the government has no right to tax Bitcoin, as it does not require any administrative effort to manage ownership. "For them, it is unreasonable to reach out and take it," Miller told Natalie Brunell on Wednesday's Coin Stories podcast. Miller is known for being an early advocate of Bitcoin (BTC), and he said that Bitcoin does not rely on government infrastructure to verify or enforce ownership like traditional assets such as real estate. "When you buy and sell homes, all the record taxes and all the taxes are used to track who owns what," Miller said. "The reality is, if you think about why we pay taxes in society, it is to enforce ownership," he added. Miller said this is unnecessary for Bitcoin. "The government did not create Bitcoin, so that is a key point to keep in mind," he said, adding, "Blockchain automates property for itself, right?" Earlier this year, there were rumors that Eric Trump, son of U.S. President Donald Trump, proposed eliminating capital gains tax on certain U.S. cryptocurrencies. Regarding whether Bitcoin could potentially be exempt from capital gains tax, Miller said, "Whether it ultimately happens, who knows, but the fact that Bitcoin has no wash sale rules is very cool." When asked if he thinks Bitcoin will be taxed like property tax in the U.S. based on market value annually, he said he is not sure but "there is good reason not to do so." Meanwhile, Miller stated that traditional asset management firms still face barriers when purchasing Bitcoin, primarily due to tax uncertainties. "Even as fund managers, we still face huge obstacles in actually buying it, because if we buy ETFs and sell them at the wrong time, then the tax rules around bad income, all of that needs to be resolved," he said. Related report: Do cryptocurrencies in Australia still need to pay taxes? Major legal update explains: "This is why I have been saying it is too early now, because the tax rules around it are really interesting," he added. Bill Miller IV is the son of legendary investor Bill Miller III, who is known for outperforming the S&P 500 for 15 consecutive years at investment giant Legg Mason. In a January 2022 interview, Miller III stated that he holds 50% of his net worth in Bitcoin, as well as relevant investments in major industry companies like Michael Saylor's Strategy and BTC mining company Stronghold Digital Mining. Magazine: The showdown between Bitcoin and stablecoins approaches with the GENIUS bill looming.
Esta página pode conter conteúdos de terceiros, que são fornecidos apenas para fins informativos (sem representações/garantias) e não devem ser considerados como uma aprovação dos seus pontos de vista pela Gate, nem como aconselhamento financeiro ou profissional. Consulte a Declaração de exoneração de responsabilidade para obter mais informações.
Bill Miller IV, Chief Investment Officer of Miller Value Partners, stated that the government has no right to tax Bitcoin, as it does not require any administrative effort to manage ownership. "For them, it is unreasonable to reach out and take it," Miller told Natalie Brunell on Wednesday's Coin Stories podcast. Miller is known for being an early advocate of Bitcoin (BTC), and he said that Bitcoin does not rely on government infrastructure to verify or enforce ownership like traditional assets such as real estate. "When you buy and sell homes, all the record taxes and all the taxes are used to track who owns what," Miller said. "The reality is, if you think about why we pay taxes in society, it is to enforce ownership," he added. Miller said this is unnecessary for Bitcoin. "The government did not create Bitcoin, so that is a key point to keep in mind," he said, adding, "Blockchain automates property for itself, right?" Earlier this year, there were rumors that Eric Trump, son of U.S. President Donald Trump, proposed eliminating capital gains tax on certain U.S. cryptocurrencies. Regarding whether Bitcoin could potentially be exempt from capital gains tax, Miller said, "Whether it ultimately happens, who knows, but the fact that Bitcoin has no wash sale rules is very cool." When asked if he thinks Bitcoin will be taxed like property tax in the U.S. based on market value annually, he said he is not sure but "there is good reason not to do so." Meanwhile, Miller stated that traditional asset management firms still face barriers when purchasing Bitcoin, primarily due to tax uncertainties. "Even as fund managers, we still face huge obstacles in actually buying it, because if we buy ETFs and sell them at the wrong time, then the tax rules around bad income, all of that needs to be resolved," he said. Related report: Do cryptocurrencies in Australia still need to pay taxes? Major legal update explains: "This is why I have been saying it is too early now, because the tax rules around it are really interesting," he added. Bill Miller IV is the son of legendary investor Bill Miller III, who is known for outperforming the S&P 500 for 15 consecutive years at investment giant Legg Mason. In a January 2022 interview, Miller III stated that he holds 50% of his net worth in Bitcoin, as well as relevant investments in major industry companies like Michael Saylor's Strategy and BTC mining company Stronghold Digital Mining. Magazine: The showdown between Bitcoin and stablecoins approaches with the GENIUS bill looming.