Mark Cuban Chimes in on Cryptocurrency and Potential LawsSeptember 9, 2021
Mark Cuban has been keeping a close eye on the rise and fall of Bitcoin and other forms of cryptocurrency. As a business owner and entrepreneur, he must keep close tabs on the economy and the government regulations that impact it.
The senators in Washington are tackling the infrastructure programs, and they are trying to tie in cryptocurrency. Cuban voiced his opinion on this subject, and he does not feel that Washington should try to stunt the growth of this emerging market. The senators were looking for methods to tax this virtual product. The funds would be used in America’s infrastructure.
In his opinion, Cuban noted that it would be like stopping the online shopping boom that began in the late 90s. During that time, companies developed shopping portals and websites. These platforms are now heavily accepted and used throughout the world, and if cryptocurrency is left to blossom, it also might become a readily used global commodity.
Twitter’s CEO seems to agree with Mark Cuban. Dorsey states that requiring Americans to develop technical networks to track this product will likely never happen. Instead, it will force investors to head overseas and use platforms in other countries.
Other notables, such as famed lobbyists and executive directors in this field, have also voiced their opposition in developing this new monitoring and taxing system. If the Democrats and Republicans passed such an arrangement, it might kill the use of Bitcoin in the United States.
Leaders outside of the US have also chimed in. A currency exchange operation based in the Virgin Islands emailed various leaders voicing concerns. The company pointed out that if America proceeded with this policy, it would harm other smaller countries that wanted to invest in this form of money.
Even though this has caused quite a stir among investors, such as Mark Cuban, Bitcoin is still standing strong in the Stock Exchange. In the past week, its price continued to climb, and it is nearing $50,000.
It seems as if enough lawmakers have vetoed this portion of the bill, and it will not become law. For now, it looks like virtual funds will get to continue to operate as normal, but Cuban’s warning should sound some alarm bells.
Individuals and companies interested in developing these types of transactions should closely monitor what White House officials are doing with matters concerning Bitcoin, Dogecoin, and lesser know forms of cryptocurrency.