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.
Genesis Mining, mining platform firm, has released its results from a survey to discover where respondents believe Bitcoin s price might be going.
The respondents, based on previous Bitcoin investors, mostly believe that Bitcoin price will hold more value over time than the US dollar. The survey acts as a point of discovery to see where the public (with financial experience) foresee the world of investment going. As noted in the survey:
“The findings of our survey could be a crystal ball not only for the future of Bitcoin, but alternative investment vehicles like gold, stocks, dollars, and real estate as well.”
The bullish future of Bitcoin
Over half the respondents believe that Bitcoin will win out over gold, properties and stocks within the next ten years. Bullishly, nearly two-thirds of the investors think that Bitcoin’s price will continue to increase.
Bullishly, 10% of the respondents see Bitcoin hitting a price tag of more than six-figures within the next ten years, half of which anticipate bull runs to increase to the point that Bitcoin will be worth more than $500,000 USD. Nearly one-third of those surveyed expect the Bitcoin adoption to increase as a result of a decrease in trust in national fiat currencies. Over a quarter (25.8%) expect a global bear market (or “a major economic depression”) to traject a mass adoption towards Bitcoin and the cryptocurrency market.
The Bitcoin bears, on the other hand
While the sentiment surrounding the token is mostly positive, less than 20% of the respondents think Bitcoin will send past $50,000 USD in the next decade. Even more bearish are those surveyed who foresee Bitcoin price falling. 17% of the bearish respondents think Bitcoin price will drop over the next ten years. Surprisingly, more than half (50.1%) predict Bitcoin won’t exceed and hold a value of $20,000 USD in ten years.
The mix of investors, both of cryptocurrency and those without, indicates that there is a vast range of feelings towards the long-term health of Bitcoin.