Twitter CEO: BTC to be Single Currency in Decade

Jack Dorsey has a strong belief in the future potential of bitcoin
22 March 2018   1297

CEO Twitter Jack Dorsey believes that after 10 years bitcoin will bypass the importance of the US dollar and become the most relevant currency in the world, which will be used by billions of users around the world. The businessman said this in a commentary to the British edition of The Times.

The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.As more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.
 

Jack Dorsey

CEO, Twitter

Despite the fact that at the moment the bitcoin continues to experience certain problems that, according to Dorsey, prevent him from becoming an "effective currency," further development of the protocol, he believes, will inevitably lead to necessary changes.

The last thought of Jack Dorsey, who is also the founder of the payment start-up Square, seems to refer to the Lightning Network technology - the second layer of bitcoin scaling, which allows for instant and exceptionally cheap microtransactions.

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   148

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.