Monat: Januar 2021

Software that can be integrated into exchanges uses investor data to issue Bitcoin tax returns.

Paypal is the new investor of Taxbit, a tax calculator on cryptomaps, which recently received a financial contribution from the platform. With the calculator, through software it is possible to generate automated returns for customers of platforms that trade cryptomaps like Bitcoin.

According to Estadão, the software that allows the collection of taxes will use the investment to expand the business of the calculator to other countries besides the United States.

Created in 2017, this is not the first investment that Taxbit receives from the market. Before Paypal, the software was presented in a round of investments of Coinbase Ventures.

Taxbit calculates tax on cryptomoedas

This Thursday (7) it was announced that Taxbit received a contribution from Paypal, but that it had no values disclosed. According to Austin Woodward, Taxbit’s CEO, the investment will be used to expand the business of the tax calculator over cryptomoedas.

This way, the software will be available in other countries and platforms that use cryptomaps, besides the USA. With Taxbit it is possible to generate a declaration of the amount of tax to be paid, in case of profit with investment in Bitcoin, for example.

Investment round

The calculator was created in 2017 and allows an integration between the exchanges and the amount to be paid in taxes with cryptomoedas. As each country has a tax legislation, Taxbit can generate the fee to be paid through a tax return.

Besides Paypal, Taxbit has already received investments through Coinbase Ventures and Winklevoss Capital. With Paypal offering the purchase of Bitcoin and cryptomorphic storage since the end of 2020, Taxbit can be incorporated into the platform.

Brazilian site with calculator

Taxbit software allows integration between exchanges, users and the tax authorities. Through the technology, a tax return on the payment of taxes on cryptomoedas is generated for users who use the calculator.

Until then, Taxbit is only available to users and partner companies operating in the United States. Meanwhile, in Brazil there is a tax calculator about cryptomoedas, which works through a website.

In Brazil, the tax on cryptomoedas is charged in cases where the monthly profit with cryptomoedas reaches values above R$ 35 thousand. In this case, the amount charged is 20%, and the Somas calculator presents the final value of the tax to be paid to the Federal Revenue.

Despite the pandemic and numerous global turbulences in 2020, Bitcoin was able to increase its value extremely.

The cryptocurrency ended 2020 with a plus of more than 300 percent, making it the best performing institutional asset alongside the shares of Tesla, TSLA.

And that despite the fact that Bitcoin fell to $ 3,500 in mid-March – which made many doubt the long-term viability of the cryptocurrency

Still, most analysts believe that BTC will do extremely well in 2021. Here is a list of what top crypto analysts and fund managers think of what will happen to the leading cryptocurrency in the next 12 months.

Thomas Lee, co-founder of Fundstrat Global Advisors, says Bitcoin could triple in 2021. Assuming he’s using a base price of $ 30,000, it means that BTC could climb to $ 90,000 and beyond in the coming year.

„I think 2021 will be similar to 2017, which means that Bitcoin will do even better in 2021 than it did in 2020. So a little over 300%.“

He believes that Bitcoin will be largely driven up by the falling value of the US dollar compared to other foreign currencies:

“The weakness of the dollar will make people think about how to get a unit of solid money. Many of these people thought that gold would be that store. I think there is still a reasonable base for someone who has bet on gold. But I think for younger people and those of the digital generation, Bitcoin is the digital asset they want to hold. „

The investor adds that there is a large contingent of younger investors who would prefer Bitcoin to gold.

That sentiment is shared across Wall Street – and it’s actually why some prominent investors say they’re buying BTC instead of the precious metal.

Kelvin Koh, co-founder of the Spartan Group and former partner of Goldman Sachs, believes Bitcoin will cross the $ 100,000 mark in 2021

The venture capitalist and investment manager predicted in early 2020 that Bitcoin would hit $ 40,000 last year. His prediction proved to be one of the more accurate in the crypto space.

Bloomberg analyst Michael McGlone writes in his December monthly report that Bitcoin could reach $ 50,000 in 2021, pointing to the macroeconomic trends that will drive the market even higher.

He adds that the supply-demand dynamics of the crypto market are bullish with the amount of capital Bitcoin is fueling through futures and through products like the Grayscale Bitcoin Trust.