Well Played FUD...
I think I might be having withdrawal. I realized I didn't post a single Leo post yesterday. Sure, I made a lot of comments, but I didn't do a formal post. I pretty much knew what my feed was going to look like this morning.
With the price of crypto having another slight pull back (plunge if you listen to the media), it was a given that many people would be talking about it this morning. I noticed the story about the President's potential tax on capital gains from crypto and that sparked my interest a little.
Not enough to actually read the article, but enough that I figured that must be one of the factors driving the current consolidation.
Sure enough, there were a number of posts on my feed this morning about it and I happened to land on the one by @edicted.
As I was reading through the post I landed on the piece about the proposed tax being implemented on people with an income over $1m per year. I think that is what it said anyway.
It got me thinking...
We all know that events like these force the weak hands out of the market. People see news like that and they start dumping and it just ends up snowballing. Unfortunately, I think a lot of those weak hands in this case are probably people who didn't need to worry in the first place.
I am a long way from making $1 million per year. I'd venture to guess that many of the people who have been stacking crypto over the past several years are far from that number as well.
It would take a very high Leo and Hive price in addition to my annual salary from my "real job" to even get me close to that point. I definitely think it is possible one day, but right now, not even close. Not even a hair of a reason to be dumping our holdings right now.
As they mentioned in the post, even if this does pass and it does impact you, we are still years(?) away from seeing it actually put into place.
The house passed a bill the other day that calls for a committee to be created. They expect once the committee is formed, they then need to discuss guidelines for the SEC to follow regarding cryptos. The timeline for that discussion... A full year!
Bottom line... This is not the time to be a weak hand. This is not the time to let the FUD monster worm its way into your head and make you second guess what you are doing in crypto.
Sadly, many people are going to miss out on an opportunity they desperately need because they are concerned about something that is going to have relatively zero impact on them.
Well played media... Well played institutional investors... Well played...
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@eos.detroit Staff Writer/BOID Team Leader
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