Economist Elizabeth Warren has disclosed that she thinks ‘Wealth Tax’ Shills Are Pumping Crypto Prices
Economist Tyler Cowen credits Elizabeth Warren’s “wealth tax” proposal with catalyzing this year’s bitcoin price boom.
Notably, Trump is not the only prominent US politician who is unwittingly making the case for cryptocurrency adoption.
Binance Research, the research arm of the world’s largest crypto exchange, claimed that President Donald Trump caused the latest bitcoin price spike.
Recently, George Mason University economist Tyler Cowen speculated that out-of-control deficits, combined with the “wealth tax” advocated by Elizabeth Warren and other progressive Democratic presidential candidates, had contributed to bitcoin’s mammoth 2019 ascent.
It’s difficult to measure precisely the degree to which Warren, Bernie Sanders, and other similar Democrats may have influenced new BTC customers but what is certain is that BTC has seen patronage from US customers as well as others around the globe.
Elizabeth Warren, a senator for Massachusetts did criticize big banks earlier promising to bring in a wealth tax and make private-equity firms liable for the debt of companies they buy. After the crisis of 2008–09 she was instrumental in creating the Consumer Finance Protection Bureau, an agency to police shady practices at banks.
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It was also reported earlier that Democrats may be lining up to find ways to tax the rich. Senator Elizabeth Warren, who wants Mr Trump’s job, has called for an annual levy of 2% on wealth above $50m and of 3% on wealth above $1bn.
This brings up the speculation that some of the rich may be investing anonymously in Crypto as a safe haven for their wealth. This may have triggered her interest in taxing the rich to prevent further stashing away huge funds by some rich US citizens.
Other efforts towards limiting investment in crypto might be seen in the limits placed on debit cards and credit cards. Apple recently banned purchasing crypto of any sort with its apple card.
never the less, one thing is obvious: If either Trump or Warren ever gets their way, it would be ridiculously bullish for cryptocurrencies