Economist Elizabeth Warren has disclosed that she thinks ‘Wealth Tax’ Shills Are Pumping Crypto Prices, economist Tyler Cowen credits Elizabeth Warren’s “wealth tax” proposal which may be catalyzing this year’s bitcoin price boom as many may be avoiding from paying the tax money.
Bitcoin is trading consistently above 10,500 despite various criticisms, altcoins, on the other hand, haven't seen many leaps when compared to bitcoin's price movements.
Notably, Trump is not the only prominent US politician who is unwittingly making the case for cryptocurrency adoption.
Binance Research, the research arm of the world’s largest crypto exchange, claimed that President Donald Trump caused the latest bitcoin price spike.
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Recently, George Mason University economist Tyler Cowen speculated that out-of-control deficits, combined with the “wealth tax” advocated by Elizabeth Warren and other progressive Democratic presidential candidates, had contributed to bitcoin’s mammoth 2019 ascent.
It’s difficult to measure precisely the degree to which Warren, Bernie Sanders, and other similar Democrats may have influenced new BTC customers but what is certain is that BTC has seen patronage from US customers as well as others around the globe.
Elizabeth Warren, a senator for Massachusetts did criticize big banks earlier promising to bring in a wealth tax and make private-equity firms liable for the debt of companies they buy (if she is voted into office as the next president). After the crisis of 2008–09 she was instrumental in creating the Consumer Finance Protection Bureau, an agency to police shady practices at banks.
https://www.economist.com/leaders/2019/02/02/how-to-tax-the-rich
WOULD WEALTH TAX RAISE A LOT OF MONEY? SHOULD IT BE IMPLEMENTED?
We might say that implementing the wealth tax might help the government raise funds. It is, however, unclear how these funds are utilized as not every government is that open or accountable with spending to the public. The need to implement wealth tax is however not the point here, the actual point is that the political games contribute to the tension that drives more investors to cryptocurrency.
Other efforts towards limiting investment in crypto might be seen in the limits placed on debit cards and credit cards. Apple recently banned purchasing crypto of any sort with its apple card.
Never the less, one thing is obvious: If either Trump or Warren ever gets their way, it would be ridiculously bullish for cryptocurrencies
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