Early Bitcoin believers ventured into the digital currency industry because of its autonomy and anonymity. But the anti-establishment attitude cannot help the sector grow, according to Bittax.
The Israel-based crypto tax specialist said that most people would not pay taxes off their crypto-based capital gains. However, if a majority of the crypto industry becomes a tax defaulter, governments will put more roadblocks before its mass adoption plans. Or Lokay Cohen, the vice president at Bittax, explained that Bitcoin would gain momentum as a broadly accepted currency only when it passes through tax and money laundering systems.