In a reaction to the U.S. government’s renewed commitment to tax Bitcoin transactions, the owner of Bitcoin.com, Roger Ver, says that while he’s not a fan of taxes and the IRS, he thinks it is a strong sign Bitcoin has come to stay, and governments are coming to terms with that.
Mainstream adoption
While the crypto entrepreneur doesn’t agree that taxing is good for the community, he affirms that it is an indication of mainstream adoption.
He explains:
“It is a sign of progress towards mainstream adoption, and with that adoption, Bitcoin will bring many positive changes to the world.”
Whether taxing Bitcoin transactions is feasible, is another issue that immediately comes to mind when looking at the nature of the virtual currency and its anonymity. When Cointelegraph asked Roger if cryptocurrencies could be taxed accurately, he had this to say:
“I think cryptocurrencies will bring a whole new meaning to the term “voluntary compliance.” No amount of threats of violence from the IRS can solve a math problem.”
Tax is theft
Roger holds the conviction that tax is theft and is paternalistic in its nature. He quotes Lysander Spooner:
“If taxation without consent is not robbery, then any band of robbers have only to declare themselves a government, and all their robberies are legalized.”
He adds: “I wish everyone would read his fantastic book. It will help you to see the world more clearly.”
Implications for Bitcoin
Many experts have been weighing in on the implications that this move from the IRS will have on the entire Bitcoin community, as well as the cryptocurrency ecosystem in general. There are divided opinions on this, with one particular school of thought maintaining that it’s the beginning of mainstream adoption and recognition.
Roger believes its implication for Bitcoin is pragmatic and favourable:
“If the IRS is trying to tax Bitcoin, that seems like an acceptance from the IRS that Bitcoin may enter general mainstream use.”