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HomeBitcoin Soars Above 72K: "Trump's Trade" and Threats to Italy

Bitcoin Soars Above 72K: “Trump’s Trade” and Threats to Italy

For the first time since April Bitcoin price is above 72 thousand dollars. (72,408), an increase of 4%. The crypto asset – Bloomberg reports – is driven by speculation about the presidential election in the United States. Other cryptoassets are also rising, with Ethereum up 5% and Binance up 1.5%.

Trump Trade Fuels Bitcoin

The main reason for Bitcoin’s rise is the so-called ““Trump Trade”a financial market trend that reflects the scenario in which Republican candidate Donald Trump wins the US presidential election on November 5. Beginning last summer, when Trump, the guest of honor at the 2024 Bitcoin Conference in Nashville, pledged to make the United States “The Crypto Capital of the Planet” And positioning Bitcoin as a global superpower, the Republican candidate has continued to support cryptocurrencies in particular. Trump’s signals to the market included a promise, if re-elected, to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler, and replace him with “a president who who will build the future by blocking it”. “Bitcoin investors – noted Euronews – have accumulated bitcoin-linked assets, speculating on the fact that US regulations on cryptocurrencies under the Trump administration will be more favorable than those under Kamala Harris. Recent polls show that the race between the two candidates is extremely close, but the betting market has shifted in favor of a Trump victory, which has affected the movement of financial markets towards assets that are affected by the proposed political changes. can benefit.”

Italy to increase tax rate on crypto assets

If America wants to be Home of Crypto, Italy Is Slowing Down Bitcoin The measure signed by Maloney, in fact, starting from January 2025, tax from 26% to 42% on investments and income from operations in bitcoin and other crypto-assets with an exemption limit of 2025 euros. Provides enhancement. An increase that is estimated to bring in 16.7 million euros more than the current 27 million euros.

Threats to the Italian Digital Economy

Tax increases on crypto-assets risk creating fiscal imbalances with respect to other financial assets, discouraging investors and entrepreneurs and encouraging migration of activities. “A risk – explains Gianluigi Guida, CEO of Binance – that translates into a potential brain and capital drain, in which talent and companies are looking for a more favorable context, cThus compromising the competitiveness of Italy noIn the global digital economy. Additionally, the impact of this policy may also affect companies operating in the crypto asset sector. Reduced demand for products and services related to crypto-assets can actually reduce business income and taxes. If companies in this sector perceive the regulatory environment to be excessively strict, they may actually consider relocating their activities, thereby reducing job creation and, as a result, Economic and Social Related Industries in Italy”.

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