Governments aren’t fans of cryptocurrencies as it takes money out of their tax jars and with the U.S. infrastructure bill making its way through Congress,which has created amendments regarding crypto trade, regulation, exchange and taxation. This has led a movement among crypto users namely #Dontkillcrypto to stop unnecessary regulation on cryptocurrency to keep its distinctiveness. Could this be the perfect dip to invest in?


The Republican and Democrat group that drew up the legislation was counting on the extra tax revenue generated to help pay for some of the bill’s costs, reported Bloomberg.The increased crypto tax reporting is expected to raise $28 billion over ten years. Cryptocurrency prices today were lower with the world's largest cryptocurrency, Bitcoin was trading below the $44,000 mark after surging over $45,000 level on Sunday, its highest since May 18. With crypto prices finally seeing a drop is it the perfect moment to reinvest in larger coins such as bitcoin?


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US Senators Mark Warner and Kyrsten Sinema were the ones who presented the amendment to the US Infrastructure Bill to modify a crypto tax reporting provision exempting proof-of-work and proof-of-stake validators.The bill identifies a “broker” as anyone “responsible for and regularly providing any service effectuating transfers of digital assets on behalf of another person,” and anyone thus identified would be subject to tax reporting requirements. That appears to include people like “miners,” who use a “proof of work” system by solving algorithms with computers and software that, if correct, serve as verification for crypto transactions. Miners don’t have customers, so they wouldn’t be able to get access to the information necessary to complete a 1099 tax form — something the provision requires brokers to submit. Brokers must also submit reports of any transactions over $10,000 to the Internal Revenue Service (IRS), which was already required of them before the bill was proposed.

Digital rights nonprofit the Electronic Frontier Foundation (EFF) believes such requirements are also an issue of privacy. “The mandate to collect names, addresses, and transactions of customers means almost every company even tangentially related to cryptocurrency may suddenly be forced to surveil their users,” the foundation wrote in a statement issued last week.This has given all cryptocurrencies a huge hit. Bitcoin and Ether reached their highest levels in more than two months during the weekend after a major Ethereum upgrade and even in the face of uncertainty over crypto rules in the U.S. infrastructure plan.As per CoinDesk, Bitcoin prices were trading at $43,446, down 1.5% whereas ether snapped its five-day winning streak by falling nearly 5% to $2,947. Dogecoin, on the other hand, plunged over 6% to $0.24. Top 20 cryptocurrencies declined as a result of BTC's correction.Other digital coins like XRP, Litecoin, Uniswap, Cardano, Stellar also declined more than 5% over the last 24 hours.. The bill enforces stringent user identification procedures for crypto based companies. Due to this large crypto assets have been liquidated namely; bitcoin short positions worth $130 million and Ethereum short positions amounting to $234 million.


For those ready to dip their toes into the cryptocurrency world, discerning the best time to invest is key. The crypto market is notoriously volatile with as much as 30 per cent variance in prices within a day. However, managing risk is possible and within everyone’s reach. We continue to advise investors to only invest a minor share of the overall portfolio (up to 3 per cent) in cryptocurrencies.Globally, there are about 120 million investors in cryptocurrencies in a world with a population of 7.8 billion. The adoption is growing rapidly but there is potential for more. Compared to the global stock market capitalization of about $100 trillion, the cryptocurrency market is valued less than 2 per cent today. So, entering any day in 2021 will still be good enough for most investors. The only consideration for investment today is to determine which cryptocurrencies will continue to exist in the next ten or twenty years. If you are someone looking to invest long term - any moment you opt for is alright because crypto is here to stay. If you are looking to trade and make some short burner cash, right now is still a great opportunity as crypto is not expected to hit any other dip this year. Most analysts and economists are predicting a rise in all cryptocurrency values for the later half of 2021. The market cap for Bitcoin is expected to rise to $50,000 in the next couple of months and stabilize once it hits this key market. Real Time graphs show us that the cat is out of the bag and now crypto is the definite future. Certainly smaller coins may not be around long but the largest players are already a threat to the power and authority of countries over their economics.




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