Bitcoin to Rally on Consensus Conference, Tom Lee Says

Fundstrat analyst has positive views on the Bitcoin price in the nearest future
08 May 2018   1672

The relatively low price of bitcoin on the eve of the crypto-conference Consensus, which will be held in New York next week, is a favorable factor for further growth, analysts of Fundstrat Global Advisors Tom Lee believe. This is reported by Bloomberg.

We expect the Consensus rally to be even larger than past years.
 

Tom Lee

Analyst, Fundstat

It is expected that the event will be visited by over 7,000 people, while last year Consensus counted about 2,750 visitors, draws Lee's attention. Last time, when the number of visitors doubled, bitcoin grew by 69% during the conference itself and by 138% in the next 2 months.

The analyst does not expect that uncertainty in the regulation sphere and other negative factors can restrain the growth of bitcoin during the conference.

Bottom line: We expect BTC and cryptocurrencies to behave similarly to prior years and rally during Consensus.
 

Tom Lee

Analyst, Fundstat

In the middle of March, usually optimistic Lee advised to prepare to continue the decline bitcoin, and at the end of April said that now it is preferable to invest in the original cryptocurrency, rather than in its fork of Bitcoin Cash.

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   171

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.
 

Ron Gross

Bitcoin investor from Israel

 

Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.