Bitcoin up 10% as US crypto-bill promises to ‘unleash innovation’ – as expert claims $100K | City & Business | finance

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The bill will allow tax relief on small crypto payments and ease the use of bitcoin and ethereum as a means of day to day transactions. The “Virtual Currency Tax Fairness Act” is an amendment bill that would simplify tax burdens on daily crypto users within the US. Currently, the IRS has been more active in pursuing holders of cryptocurrency such as bitcoin for tax evasion.

A group of bipartisan US representatives have reintroduced a bill that would exempt US citizens from paying taxes on bitcoin and crypto payments under $200.

The bill was called “an important step forward” by one congressman.

This week, congressman David Schweikert said in a statement: “Virtual currency is reshaping our everyday lives.

“The United States needs to recognize this and work to treat these currencies fairly in our tax code.

“This legislation is an important step forward, and it lays the groundwork for growing the digital economy.”

Speaking to Forbes, executive director of cryptocurrency think tank Coin Center Jerry Brito said: “Not only will this create a level playing field for digital currencies, it will also help unleash innovation on applications like micropayments, which can consist of dozens of transactions per minute and thus are difficult to square with the current law.”

Speaking about the reason for the rise in the bitcoin price Andrew Forte, crypto-analyst at Watcher Guru, said: “The traditional financial market and that of new digital assets have a tendency of moving in sync.

“A 10 percent rally in Bitcoin, the vocal point of all digital assets; similarly to the S&P 500 and Nasdaq. All-of which moved in an upward trend.

READ MORE: Elon Musk blasted for Bitcoin stance: ‘Doing it for the press’

He added: “We will continue to see more widespread adoption and the use of this once called “foreign” form of payment being more recognizable and used as it was created to be.”

The value of ethereum has also jumped, rising 20 percent over last week’s price.

As of the time of writing the price of bitcoin is currently $41,500, up 10 percent in 24 hours.

The price of ethereum is $3,000, up 9 percent in the last 24 hours.

This was due to the demand for blockchain-based decentralized finance (DeFi) and collectable non-fungible tokens (NFTs).

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