AngryCrypto ₿@AngryCrypt0
To: @elonmusk
CC: @GiorgiaMeloni , @cb_doge
From: Italian Investors
Dear Elon,
In light of your collaboration and the esteemed relationship you maintain with the Italian Prime Minister, Giorgia Meloni, we urge you, on behalf of all of us cryptocurrency investors, to help convey how counterproductive it is to implement the current tax plan on capital gains derived from Bitcoin and other cryptocurrencies.
We understand that it’s not easy for the Italian political class to fully grasp the meaning and value of Bitcoin and blockchain technology. However, it is alarming that such drastic fiscal decisions are being made based on a limited understanding of the phenomenon. Specifically, Deputy Minister of Economy Leo has recently expressed the intention to raise taxes on cryptocurrencies from 26% to 42%, citing the need to curb a “growing phenomenon” (citation).
This fiscal plan ignores the global adoption of cryptocurrencies and their crucial role in the future of financial technologies. Overlooking the advancement of cryptocurrencies worldwide, the interest of institutional investors, and the fact that Bitcoin is now part of the asset allocation strategies of the largest companies and governments globally, means limiting Italy’s technological and economic progress.
The launch of a Bitcoin-based ETF in the United States marked a historic moment in financial markets, with unprecedented trading volumes. It is clear that cryptocurrency is no longer a niche but a well-established reality in global markets.
Donald Trump, during his electoral campaign, has advocated for improving the tax regime and facilitating the adoption of cryptocurrencies. It seems that even Democrats are warming up to this adoption.
The introduction of such a high tax on cryptocurrencies in Italy, the highest in the world, will have devastating effects:
•It will drive innovative companies to seek development opportunities elsewhere, in countries with more favorable tax policies.
•It will encourage tax evasion, as many small investors will find it more convenient to risk penalties rather than declare their assets.
•It will impact a very small portion of the population: only 3% of Italians own cryptocurrencies, and this measure would not have a significant impact on overall tax revenue.
In reality, this tax seems to have the sole aim of suppressing Bitcoin, which is still perceived as a threat rather than an opportunity. The Italian government appears to be stuck in an outdated view of Bitcoin, associating it with criminal activities, while ignoring the significant developments and opportunities that blockchain technology brings.
Elon, we ask you to explain to our government that we are in 2024, and that continuing to view Bitcoin with the same skepticism as in 2011 means condemning Italy to fall behind in the global technological and economic landscape.
Sincerely,
The Italian cryptocurrency investors
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