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DOGE Co-creator Markus challenges U.S. wealth taxation strategy

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TL;DR

  • Billy Markus, aka Shibetoshi Nakamoto, co-founder of DOGE, criticizes the U.S. tax policies on wealth and cryptocurrencies.
  • Markus extends his criticism to U.S. cryptocurrency taxation, highlighting the paradox in the government’s valuation of digital currencies versus their tax policies.
  • Markus admits to a nuanced view of the crypto space; he values Bitcoin and Ethereum, but has a strong aversion to ERC20 tokens.

 

In a recent outburst on the X social media platform, Billy Markus, co-creator of the meme cryptocurrency DOGE, expressed his disapproval of the U.S. taxation system. Known by his pseudonym Shibetoshi Nakamoto, Markus has often vocalized his opinions on various societal matters, with his latest critique targeting the U.S. government’s stance on wealth taxation and cryptocurrency regulations.

Markus responded to a post by the @unusual_whales account, discussing how much of America’s wealth is concentrated on the elderly. The original post, highlighting Federal Reserve data, noted that 55.8 million Americans over 65, representing 17% of the nation’s populace, hold half of the country’s wealth. Markus fired back with a critical perspective, emphasizing the government’s eagerness to re-tax already taxed wealth upon death, terming the approach almost predatory.

Moreover, Markus’s animosity towards U.S. tax policies extends to cryptocurrency. He challenged the government’s conflicting position on digital currencies, questioning their stand on crypto’s inherent value and the consequent taxation. In an earlier interaction, he demanded a return of taxes paid on crypto, condemning the authorities as “horrific evil hypocrites.”

This contention attracted support from Elon Musk, CEO of the X app, who echoed Markus’s sentiment, questioning the reality of cryptocurrency’s value. In a surprising reply, Markus acknowledged the transitory nature of crypto’s “realness,” an unexpected stance given his involvement in crypto.

Significantly, Markus’s relationship with cryptocurrency is complex. Despite his appreciation for Bitcoin and Ethereum, he despises ERC20 tokens derived from Ethereum. His assertions often draw parallels between investing in volatile digital assets like crypto and mental illnesses, an ironic comparison considering his endeavors in creating and selling non-fungible tokens (NFTs).

Additionally, Markus recently commented on the monetization plans for the X app, involving two tiers of Premium subscriptions, one featuring ads and the other ad-free at a higher cost. He rationalized that users who enjoy a service should be open to either viewing advertisements or paying for an ad-free experience. He emphasized that businesses have operational costs and staff compensations to consider, an aspect that certain individuals overlook, necessitating a reality check.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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