Why I think July 1st will be a wild day for Bitcoin
If you send your money to a Japanese exchange today to buy Bitcoin, you are charged an 8% consumption tax that applies to all purchases of just about anything in the country. And yet, Japanese buyers are flocking to Bitcoin.
Recently, the law was changed to make purchases of Bitcoin exempt from the 8% tax. It will take effect on July 1st, 2017.
Now, imagine if you are in Japan and wanting to get into Bitcoin in late June. You will most likely wait for that 8% discount. Demand may fall a bit. And then, boom, July 1st hits. I know that exchanges are already struggling with the server load, and very concerned about this. For me, it means don't sell bitcoin until after July 1st.
good info i also think it may be a real pump day
Instead of Independence Day, it will be PPD - Price Pump Day and will take effect on the 4th of July 2017.
I am still waiting for the SEC to deny the Winklevoss ETF proposal again, or will they accept it? And then it will boom, otherwise small dip, and a buy opportunity!
Approval would be huge. Superannuation funds would start offering a position, and I'd be first in line to roll my retirement savings over.
oh my this will get even higher
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Nice, that is also the same day bitcoin becomes legal in Australia. Those two things can really skyrocket the price. If I may give you advice, add a photo to your posts, it can help.
I thought it was already legal in Oz? There are having issues with it being double taxed currently: https://news.bitcoin.com/australia-law-double-taxation-bitcoin/
Good info... upvoted and reSteemed!
Another milestone for bitcoin that will surely cause its price to pump at greater speed again.
interesting the law was changed as most taxes never go away. Amazing that it will go even higher now.
Countries are competing to be technology hubs.
China is expected to tell exchanges there to resume Bitcoin and Litecoin withdrawals next month. So, you can expect a spike in trading and movement of coins once withdrawals restart. They've been banned since January.