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.
Mark Yusko, the Morgan Creek Capital Management founder and CEO, has announced that he’ll see Bitcoin hit more than $250,000 USD in the next five years if the network continues on the same kind of path it has historically.
Looking at the adoption rate and growth of the network, Yusko compared Bitcoin to the values of the shares of the leading technology-focused companies: the FAANG group -Facebook, Apple, Amazon, Netflix, and Google. Bitcoin, according to Yusko, is growing in an exponential way.
“This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANGs that took, you know, 15 to 20 years depending on which one you look at.”
The Morgan Creek founder’s estimation is based on his prediction that Bitcoin is set to rival that of gold’s dollar value. If gold is directly linked to the dollar value and can hit $4 trillion USD, he thinks Bitcoin – also referred to as digital gold – should reach far more than its current price tag based on how much use-case it is offering.
“What people miss is this is a technological evolution of computing power that isn’t going away. It is a powerful computing network that is going to become the base layer protocol for the Internet of value.”
Altcoins rallying in the market
Yusko noted that Bitcoin is more than just a token of value and is leading the market in both technological innovation and price. He noted that utility tokens will eventually disappear if there is no real underlying use case. Looking at Doge, which has been showing a monumental growth rate recently, he noted that some protocols might survive but Dogecoin is an unlikely contender in the overall long-term market:
“So, yes, there’s room for a couple of protocols to survive, but there are 1000s of coins and Doge is in that category that really are useless, they’re just utility tokens that have no underlying value or use case and they’ll eventually disappear.”