First Mover Asia: Bitcoin Continues Its Low-Volume Rally Before Tapering Off

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In 2021, that blissful ignorance suddenly ended up being impossible. We initially saw this with the dispute over the infrastructure costs, most importantly in the U.S. Senate, when the impositions of a controversial tax reporting provision for cryptocurrency sales had the paradoxical effect of demonstrating that crypto had shown up in Washington. The reality that legislators wanted to tax crypto was a sign that it was recognized as a long-term prospect, a dependable source of tax profits. Simply as notably, the crypto lobby, though ultimately unsuccessful in its quote to force modifications to those more drastic parts of the provision, showed its influence on Capitol Hill has actually grown significantly. It forged a large, bipartisan coalition of legislators to support its preferred changes and showed it will be a force.

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