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The Bitbuy Brief: We are back!
Article Author: Ziad El-Shourbagy
Ziad El-Shourbagy
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Issue 137: June 3, 2021

Thursday, June 3, 2021

The Bitbuy Brief Is Back!

After a brief hiatus, our weekly newsletter is back. We strive to give you the best and most informative crypto content that keeps you up to date on the latest news, the market moves, and everything in between. We also will make sure to give it a unique Canadian spin, so that it’s most relevant to you! 🇨🇦
Have suggestions on the content you want to see? Be sure to reach out to us on social media and let us know.
You may notice this and other emails will be coming from a new domain, comms.bitbuy.ca, due to a change on our email provider backend. Here’s confirmation on our Twitter that we made this change!
Now let’s get into it….

Weekly Market Update

Analysis: After weeks of volatility, the market traded mostly sideways over the past 7-day period, with most top 100 coins seeing a modest 2% to 5% loss. XRP broke the trend and is up 6.2%. Spot volumes are down about 15% week over week.

Big Story: Ron Paul Says Bitcoin Shouldn’t Be Taxed

Three time US presidential candidate, former congressman and famed libertarian Ron Paul has come out with his latest take on Bitcoin, and it’s a spicy one. 🌶

He believes Bitcoin should be legalized as money, and it should be “left alone” by regulators and taxation entities,  to compete with the US dollar and other global currencies.He went on to compare Bitcoin to the US dollar, and it’s current battle against rapid inflation.

“Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can’t tax money, you don’t tax it. If you bought a dollar a year ago and it went down 10%, you can’t take a loss because your dollar lost value,” he said in an interview with Kitco news.

He went on to comment that governments have been known in the past to try to suppress or downplay new forms of money. Letting the free market decide what’s best, instead of having the government tell you what to do, is best in his mind.

Skeptics of the argument may say that Bitcoin itself, isn’t currently a great form of currency, and is more of a store of value.  Reasons for this hypothesis are it’s high network costs, and it’s inability to scale micro-transactions. This could change however, with innovations like the lightning network on the horizon.

For now, unfortunately, Bitcoin gains remain taxable here in Canada, and the dream of taxless Bitcoin and other crypto seems very far away considering the SEC recently announced additional regulations would be coming “soon”.

Ron Paul will be speaking at this week’s Bitcoin Conference in Miami, where he will surely have more to comment on the matter.What do you think? 🤔
Should governments take the approach of viewing Bitcoin as alternative currency? Let us know on Twitter.

New On Bitbuy Resources

The environmental impact of Bitcoin has been a hot topic in the industry, after recent comments from Elon Musk and other major financial players.
How much energy does Bitcoin mining actually need? How does it compare to the energy used in other sectors? What is clean mining, and how will it change the industry?
We answer all these questions and more in our latest deep dive on Bitbuy Resources.
Be sure to check it out.

Other Headlines & News

Ethereum’s adjusted on-chain volume, miner revenues reached new highs in May – The Block
Ripple believes records held by offshore exchanges will prove its executives did not violate Section 5 of the Securities Act by offloading XRP on the U.S. public – CoinTelegraph
With Poloniex action, Canada’s securities regulators get serious about crypto exchange oversight – The Block
Crypto interest accounts are gaining popularity, what should investors know? – Forbes
Funds locked on Aave protocol soar past $20 Billion USD after layer 2 embrace – CoinTelegraph
JP Morgan hints that they will be taking an increased interest in crypto with recent job postings – CoinDesk