Biden Admin mulling 80% capital gains tax on cryptocurrency?

[Joe Republic]

If crypto went mainstream the U.S. would lose the advantage it has with the dollar being the world currency. Bitcoin if universally adopted would obliterate central banks once and for all, the neoliberal wet dream. It's deflationary until 2100 or something and then all the coins are mined and then you have a currency that cannot be devalued. That may be partially why it's down 20% or thereabouts in the past few days.

All the cryptos plummeted on Thursday, coinciding exactly with this announcement from the Biden admin.  Bitcoin dropped 13% (approx. $7,000) throughout the course of one day.

[Joe Republic]

Bitcoin essentially strikes me as a bubble; that is, its value is not based on any intrinsic worth, but simply on the belief that its value will continue to rise. This bubble will eventually burst, but when is anyone’s guess.

Its bubble has burst several times already, but keeps coming back astronomically bigger than before.

[Joe Republic]

A stable currency is one that declines 40% in a single day.  All the Bitcoin snobs just experienced their own, private Great Recession.

Is Biden gonna ban this pyramid scheme or not

You act as if this is the first such incident of its kind.

"Ha ha, Bitcoin just went from $2 to 25¢!"

"Ha ha, Bitcoin just went from $8 to $2!"

"Ha Ha, Bitcoin just went from $30 to $8!"

"Ha ha, Bitcoin just went from $50,000 to $40,000."

[Joe Republic]

A stable currency is one that declines 40% in a single day.  All the Bitcoin snobs just experienced their own, private Great Recession.

Is Biden gonna ban this pyramid scheme or not

You act as if this is the first such incident of its kind.

"Ha ha, Bitcoin just went from $2 to 25¢!"

"Ha ha, Bitcoin just went from $8 to $2!"

"Ha Ha, Bitcoin just went from $30 to $8!"

"Ha ha, Bitcoin just went from $50,000 to $40,000."

The fact that you think this is a point in Bitcoin’s favor implies that you don’t know what a currency is.

A currency should have a roughly constant value. Something that increases in value from $30 to $50000 in a couple years is a pretty poor currency (albeit a good investment).

I don't consider it a currency, or use it as such.  It's a commodity, of sorts.