Bitcoin (BTC) price increase has been a blessing, and if countries tax Bitcoin, they could afford the Covid vaccine.
The Covid vaccine is out
While many developing countries are still groveling for the Covid-19 Vaccine in the UK, a 91-year old grandmother became one of the first to receive the Pfizer Covid-19 jab yesterday.
Margaret Keenan receiving that flu jab made her feel like it was her birthday. Thousands of vaccinations occurred Tuesday.
The UK is fortunate enough to have 800,000 doses of the vaccine ready to dispense in the coming weeks. The vaccine will be made available to those over 80 as well as health care employees. By the end of the month, four million more portions of the vaccination will be released.
Poorer countries are struggling
Rich countries are claiming all of the vaccines with ease. The People’s Vaccine alliance says that 14% of the world has bought 53% of the available vaccines.
14% of countries buying the vaccine are rich countries. Wealthy countries are hoarding the vaccines so they can immunize their people three times over in a year.
96% of vaccine buyers are from wealthy countries. At the rate rich countries have moved, poorer countries will be left to vaccinate a person every ten people.
The countries that are left behind are Kenya, Myanmar, Nigeria, Pakistan, and Ukraine, which have 1.5 million covid-19 cases already. What is critical is that developing countries raise funds to kill the virus.
Nigeria is one of the countries with the most Bitcoin and cryptocurrency users, so they could gain a lot from taxing it. How crypto coins are handled varies from country to country.
In Nigeria, cryptocurrency is not regulated meaning that it is not taxed, but a lot of money is being missed from taxing Bitcoin users. Chain analysis’s 2020 Global Crypto Adoption Index that came out Tuesday ranked 154 countries based on how they had adopted crypto.
In the USA, the International Revenue Service taxes cryptocurrency. The US treats cryptocurrency as property and monitors their transactions.
If you sell goods or services in exchange for Bitcoin you have to include the BTC value you have gained.
Nigeria and Bitcoin a crypto saga
There is a lot for Nigeria to gain if it chooses to tax Bitcoin. In the 2020 Global Crypto Adoption Index Nigeria was ranked number 8. In Nigeria in June 2020 small Bitcoin transfers came up to nearly $56 million.
At the time of writing 17:55 GMT BTC was at $18,477.18. BTC is the number one coin, according to Coinmarketcap.com.
BTC owes a lot of its success to it being the first cryptocurrency to launch 12 years ago. Looking at the graph, it is clear that BTC has had a 20-degree trend line of bullish momentum since march.
Over the year Bitcoin has had a bullish monument which is indicated by the majority green and voluminous Moving Average Convergence Divergence (MACD) over the year. There is a lot for countries to gain if they tax Bitcoin users because BTC has mostly green candles steering the coin with bullish action in an upward trend.