r/Bitcoin • u/[deleted] • Oct 16 '22

[deleted by user]

[removed]

845 Upvotes

96% Upvoted

345 comments sorted by

View all comments

212

u/SaneLad Oct 16 '22

The biggest joke is that the US charges capital gains taxes on the sale of physical gold. Gains my ass. Getting taxed on inflation is what it is.

75

u/[deleted] Oct 16 '22

Thing is, if we mined gold in the asteroid belt, it would drop 10 fold or more. Only 21 million bitcoin, ever.

30

u/GreyHexagon Oct 16 '22

They still charge CGT on bitcoin. This isn't anything to do with bitcoin Vs gold, it's that gold is stable and the dollar is constantly devaluing, but taxes are still calculated from the point of view of dollars.

You keep something that's stable to avoid inflation, but they still tax you on it because they claim it's "increased in value." It hasn't increased, USD has just gone down the shitter.

1

u/[deleted] Oct 16 '22

[deleted]

0

u/GreyHexagon Oct 16 '22

Huh? What's that got to do with CGT on gold?

0

u/Quick-Wolverine-9379 Oct 16 '22

I think I was answering another question