Market Ranger

2022-06-08 08:22:03 Terra Investors in India Lost Big. Now They Face the Taxman.

• Holders of Luna 2.0 token could face tax of as much as 30%
• Dilemma reflects Indian government’s ambivalence over crypto

Terra investors around the world lost billions of dollars when the algorithmic-stablecoin project crashed but they recovered a small part of their bets when a new token was distributed as compensation. Investors in India aren’t as fortunate.

Because the country’s tax system is punitive to crypto investing, TerraUSD and Luna token holders who got the new coin -- known as Luna 2.0 -- in a so-called airdrop face a double whammy. They could be taxed as much as 30% of the value of tokens received and they won’t be able to offset any gains in the new token against losses from the previous one, tax experts said.

Under the new crypto tax regime, effective April 1, any income from the “transfer” of a “virtual digital asset” will be taxed at a flat rate of 30%. It does not explicitly mention how airdrops should be taxed.

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2022-06-07 14:05:10 #CryptoRangerStrategy

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2022-06-07 08:52:26 Bloomberg strategist says Bitcoin will hit $100K by 2025.

Bloomberg’s Senior Commodity Strategist Mike McGlone was recently a guest at Kitco News. He analyzed the current market and argued that Bitcoin will outperform all other assets in the world and hit $100 thousand by 2025.

According to McGlone, the great reversion is just getting started. The current market reflects the most significant inflation in 40 years, the first in most people’s lifetime. However, he also argued that once this period is over, Bitcoin will soar and become the best asset to hold in the world. McGlone mentioned both Bitcoin and S&P 500 just returned to their 100-week mean at the end of May first time in two years. Nasdaq broke one of its prominent supports as Bitcoin broke its $30,000 support.

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