{"id":3272,"date":"2022-02-07T15:05:32","date_gmt":"2022-02-07T15:05:32","guid":{"rendered":"https:\/\/xcoins.com\/?p=3272"},"modified":"2023-08-16T14:23:18","modified_gmt":"2023-08-16T14:23:18","slug":"bitcoin-gains-ground-as-virtual-currency-fairness-tax-bill-introduced","status":"publish","type":"post","link":"https:\/\/xcoins.com\/en\/blog\/bitcoin-gains-ground-as-virtual-currency-fairness-tax-bill-introduced\/","title":{"rendered":"Bitcoin Gains Ground as Virtual Currency Fairness Tax Bill Introduced"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bitcoin found strength last week as Representatives in the U.S. enacted new legislation to encourage the greater use of cryptocurrencies for digital payments. Elsewhere, the NFL and Ticketmaster confirmed that NFT tickets will be gifted for the upcoming Super Bowl LVI event and Microstrategy took centre-stage as it hosted its cryptocurrency-focused World 2022 conference.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">U.S. lawmakers introduce \u2018Virtual Currency Tax Fairness Act\u2019<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Microstrategy hosts World 2022 and purchases more BTC<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NFL embraces NFT technology for the Super Bowl<\/span><\/li>\n<\/ul>\n<h2><b>U.S. lawmakers introduce \u2018Virtual Currency Tax Fairness Act\u2019<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In a step towards true cryptocurrency adoption, House Representatives have introduced a \u2018<\/span><a href=\"https:\/\/delbene.house.gov\/uploadedfiles\/virtual_currency_bill_text.pdf\"><span style=\"font-weight: 400;\">Virtual Currency Tax Fairness Act<\/span><\/a><span style=\"font-weight: 400;\">\u2019 within the U.S, which should provide a much more advantageous <a href=\"https:\/\/xcoins.com\/en\/blog\/bitcoin-taxes-what-us-citizens-should-know\/\">tax structure for cryptocurrency use<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is the hope of Suzan DelBene and David Schweikert that the new law will further encourage the use of cryptocurrency payments and, therefore, expand the digital economy within the country. As described on Thursday, the current law \u201cmakes the everyday use of virtual currency near impossible, discouraging people from using it, and inhibiting the growth of our digital economy.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Current legislation commands that all cryptocurrency gains must be reported as a taxable event regardless of how large the transaction might be. As emphasized by House Representatives this can include \u201cpurchases as small as buying a cup of coffee\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the new legislation, \u201cthe Virtual Currency Tax Fairness Act would exempt personal transactions made with virtual currency when the gains are $200 or less.\u201d This should make it far easier to spend cryptocurrencies on a daily basis.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Upon release of the act, DelBene stated \u201cantiquated regulations around virtual currency do not take into account its potential for use in our daily lives. Instead of treating it more like a stock or ETF, this common sense bill cuts the red tape and opens the door to further innovations, ultimately growing our digital economy.\u201d<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-3275\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/us-eth-1200.jpg\" alt=\"A golden Ethereum coin sitting in front the U.S. flag\" width=\"1200\" height=\"675\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/us-eth-1200.jpg 1200w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/us-eth-1200-300x169.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/us-eth-1200-1024x576.jpg 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/us-eth-1200-768x432.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><b>NFL embraces NFT technology for the Super Bowl<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The National Football League (NFL) has confirmed that fans attending the upcoming Super Bowl will be gifted a commemorative ticket in the form of an <a href=\"https:\/\/xcoins.com\/en\/blog\/nfts-what-are-they-and-why-are-they-so-popular\/\">NFT<\/a>. The event is currently scheduled to take place on February 13 2022 in Los Angeles. The Los Angeles Rams and the Cincinnati Bengals will battle it out for the title.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Working together with <\/span><span style=\"font-weight: 400;\">Ticketmaster<\/span><span style=\"font-weight: 400;\">, the NFL hopes to leverage the capabilities of blockchain and use NFTs to celebrate the 56th Super Bowl event. Every fan that enters the event will be granted a customized NFT that features the section, row, and seat of the owner. Although innovative, it is not the first time that the NFL has embraced NFT technology for virtual commemorative tickets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The organization has utilized the technology throughout the season, which was adopted with great success among fans. According to the NFL\u2019s SVP of Club Development, Bobby Gallo, it was this success \u201cwhich provided the momentum to continue this program throughout the postseason and ultimately at Super Bowl LVI in Los Angeles. Collecting ticket stubs has always been something our fans love to do, especially for the season\u2019s biggest game, and offering customized Super Bowl NFTs allows us to enhance the gameday experience, while also enabling us to further evaluate the NFT space for future ticketing and event engagement opportunities.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Alongside the commemorative fan tickets, starting from February 6, seven historic commemorative NFTs will be released for sale to the public. One will be released each day up until February 13 when the commemorative fan tickets will be revealed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The NFL now joins a long list of companies and organizations embracing NFT technology including Adidas, Nike, Playboy, <a href=\"https:\/\/xcoins.com\/en\/blog\/what-does-the-gamestop-saga-mean-for-crypto\/\">Gamestop<\/a>, Samsung, UFC, <a href=\"https:\/\/xcoins.com\/en\/payment-methods\/buy-bitcoin-with-a-credit-or-debit-card\/\">Mastercard, and Visa<\/a>.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-3277\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/nfl-1200.jpg\" alt=\"Photograph of an American Football stadium taken from the halfway line.\" width=\"1200\" height=\"899\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/nfl-1200.jpg 1200w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/nfl-1200-300x225.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/nfl-1200-1024x767.jpg 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/nfl-1200-768x575.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><b>MicroStrategy hosts World 2022 conference and announces new purchase<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">It was a busy week for the business intelligence company, MicroStrategy, which remains steadfast in its positive approach towards cryptocurrencies. The company confirmed a new bitcoin purchase on Monday, hosted a crypto-focused \u2018<\/span><a href=\"https:\/\/www.microstrategy.com\/en\/resources\/events\/world-2022\"><span style=\"font-weight: 400;\">World 2022<\/span><\/a><span style=\"font-weight: 400;\">\u2019 conference over Tuesday and Wednesday, and rounded out the week with a Q1 earnings call.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just before the company\u2019s \u2018World 2022\u2019 conference, which was scheduled for February 1-2, CEO Michael Saylor, confirmed via Twitter that the company had purchased a further 660 bitcoins. According to SEC filings, the transaction took place between December 30 2021 and January 31, 2022. The latest purchase brings the company\u2019s total holdings to 125,051 coins. The average purchase price now stands at $30,200.\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Over the following two days, the company then hosted its annual user conference &#8211; \u2018World 2022\u2019. The conference included a \u2018Bitcoin for Corporations 2022\u2019 section that was composed of a \u2018Bitcoin for Corporations Keynote\u2019 with the CEO of Block Inc, Jack Dorsey, a talk on \u2018Building a Bitcoin Treasury Strategy\u2019 and a talk focused on \u2018Bitcoin Products and Services.\u2019 During discussions between Saylor and Dorsey, Dorsey outlined his unwavering belief that bitcoin will become the native currency of the internet. &#8220;We&#8217;re the closest we&#8217;ve ever been to having a native currency for the internet with bitcoin. The world needs a universal currency where, for instance, decisions made in Washington don\u2019t affect smaller nations on the other side of the globe.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the final Q1 earnings call of the week, Saylor explained MicroStrategy\u2019s outlook for bitcoin adoption. \u201cI see evidence of a lot more institutional adoption, greater adoption amongst macro and other hedge funds. We\u2019ve made great progress with corporations. There will be 24 publicly traded bitcoin miners by the end of the quarter, so lots of publicly-traded companies in the Bitcoin space.\u201d According to Saylor, it is just a matter of time before more and more companies start to add bitcoin to their balance sheets.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-3279\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/microstrategy-btc-1200.jpg\" alt=\"Golden Bitcoin on a black background with MicroStrategy logo highlighted underneath.\" width=\"1200\" height=\"675\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/microstrategy-btc-1200.jpg 1200w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/microstrategy-btc-1200-300x169.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/microstrategy-btc-1200-1024x576.jpg 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/microstrategy-btc-1200-768x432.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><i><span style=\"font-weight: 400;\">To stay up to date on all things crypto, like Xcoins on <\/span><\/i><a href=\"https:\/\/www.facebook.com\/xcoinsofficial\"><i><span style=\"font-weight: 400;\">Facebook<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, and follow us on <\/span><\/i><a href=\"https:\/\/twitter.com\/realxcoins\"><i><span style=\"font-weight: 400;\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, <\/span><\/i><a href=\"https:\/\/www.instagram.com\/xcoins.hq\/\"><i><span style=\"font-weight: 400;\">Instagram<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, and <\/span><\/i><a href=\"https:\/\/www.linkedin.com\/company\/54161996\/\"><i><span style=\"font-weight: 400;\">LinkedIn<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin found strength last week as Representatives in the U.S. enacted new legislation to encourage the greater use of cryptocurrencies [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":3273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-3272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Virtual Currency Fairness Tax Bill Introduced I Xcoins<\/title>\n<meta name=\"description\" content=\"Representatives propose legislation to promote the use of cryptocurrencies in everyday life, and NFTs will be gifted to Super Bowl attendees.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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