BTC to be $25k By The End of The Year, Tom Lee Says

New forecast from Fundstrat co-founder and Wall Street analyst
01 March 2018   130

Fundstrat co-founder and Wall Street analyst Tom Lee confirmed his forecast that by the middle of the year the price of bitcoin will reach $ 20,000 and $ 25,000 towards its end. He also expects that at least three corporations whose shares are traded on stock exchanges will issue their own crypto-currencies in 2018. This is reported by CNBC.

In his report, the analyst repeats the forecast he gave in January, when he said that bitcoin could "easily double" this year.

Despite the fact that now bitcoin costs twice less than the highs recorded in December above the level of $ 20,000, Lee is sure: this year bitkoin will return to this mark and even rise above it.

The announcement by Rakuten is another example of positive developments in crypto in 2018, suggesting the large sell-off in bitcoin and others at the start of the year was an overshoot to the downside.

Tom Lee

Co-founder, Fundstrat

Lee sees in this trend a sign that supports his forecast at the rate of bitcoin. He also recalled that Japanese online retailer Rakuten recently announced plans to launch his own crypto currency, adding that this step is a sure sign that the crypto-currency space continues to develop despite the correction of bitcoin.

Lee also expects that several large companies, perhaps even Starbucks, Facebook or Amazon, which were not previously represented in the crypto-currency sector, will start using blockage this year.

The analyst recalls that the chairman of Starbucks recently allowed the use of blockage in the company's new payment application, and suggests that Facebook and Amazon "announce a crypto-currency strategy this year."

Crypto Taxpayers to be supported in India

Cleartax, the largest Indian tax filing platform joins Zebpay exchange to help crypto taxpayers
24 March 2018   102

The object of this partnership is to educate Bitcoin traders and investors about the current tax laws and how to apply them in stating cryptocurrency profits and incomes. Indian authorities are aimed to find the best approach to Bitcoin and the other kinds of cryptocurrencies. The recent declarations of the regulators that new instructions would be accepted in a short time, have not been followed by real actions. So the attempts to enforce the control on this sphere have led to summaries that this task in not going to be simple at all. According to last month media reports, new frameworks and rules were waited by the end of March.

Though they failed to to introduce extensive regulations, the Indian authorities are focused to tapping into crypto earnings. In a previous month the Income Tax Department released notifications for thousands of cryptocurrency investors, as reported.

The Cryptocurrency Advisory Plan will help Indian bitcoin investors and traders in this year's tax campaign. The biggest tax filing platform Cleartax joins the Indian bitcoin exchanges and wallet providers Zebpay. They are both objected to support taxpayers to understand and abide by the law regarding taxation of the transactions with cryptocurrencies.

Cleartax declared it has the tax and technological expertise “to help people understand how bitcoin works”. Besides, the platform has started tax filing services for cryptocurrency investors. The Cleartax CEO and founder Archit Gupta claimed that together with Zebpay they are going to “simplify taxes for Indians”. The head of exchange at Zebpay, Nischint Sanghavi added that he believes the partnership with Cleartax will simplify tax planning for Zebpay`s customers.

In February about 100,000 cryptocurrency investors received tax notices from India`s Income Tax Department. Questionable dubious transactions, authorities investigated some of the cryptocurrency exchanges, and banks paused many of their accounts. Then the governmental pressure caused significant drop in trading volumes.

The authorities in Delhi have set a number of warnings against investing in BTC. Also the largest commercial banks have restricted severely the operations of local exchanges and individual cryptocurrency traders, even before any law demanding such measures is adopted.