Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
Bitpay Chief Commercial Officer Sonny Singh believes Bitcoin price could reach $45,000 USD within the next month but is cautious about the role institutional investors are going to play in Bitcoin’s future.
In an interview with Bloomberg, Singh commented noted that he thinks the giant firms – which have paved the way for Bitcoin to break record highs in 2020 and are a factor in the current bull run – might sell their cryptocurrency holdings sooner than people might anticipate in order to make a profit:
“A lot of the institutional buyers bought in around $20,000, so that would be my floor for how far Bitcoin could go down… All those buyers that bought in, they said ‘Oh were into Bitcoin now for a three to five-year time horizon,’ which is great, but I think if Bitcoin hits $45,000 USD next month or so, they’re going to say, ‘wow we just made 2x, you know, we don’t need that three-year horizon anymore, let’s start selling some.’”
Bitcoin to hit $45,000 USD soon – not that far-fetched
In response to interviewer Emily Chang asking whether he thinks Bitcoin can really reach $45,000 USD in the next thirty days, Singh responded:
“Last month on this show, I said I thought it would hit $30,000 USD in the next three months and I was proven wrong very fast – it hit $30,000 USD in the next twenty days. So now I think there’s very little sell-side pressure and to be honest with you I think it goes up to $40,000 USD or $45,000 USD pretty easily, I think.”
Bullishly, Singh added another prediction suggesting that when Bitcoin starts hitting a significant price tag, governments and nationals are going to start buying the cryptocurrency. He continued to explain that two-years ago, the concept of firms adding Bitcoin to their balance sheets seemed far-fetched, but now major institutions are holding Bitcoin.