Why cryptocurrency is fast growing in the United States(USA)
Cryptocurrency has been on the fast growth all over the world. The decentralized nature of cryptocurrency is a contributory factor in the quick growth of cryptocurrency. United states has remained among the leading countries in cryptocurrency and it is expected that in no long time, cryptocurrency will be as rampant and widely recognized in the United states as US Dollar which is their local currency.
It should be noted that about 58% of Americans can comfortably boast of having heard of cryptocurrency and is evidence from the fact that over the past years , google search from the United States was more on bitcoin/cryptocurrency than other things being searched more on like health, Election result and even Royal weddings.
Bitcoin though being just a decade old, has captured the interest of the Americans more than any other thing and this has being the contributory factor in the development and recognition of bitcoin in Nigeria. Attention given to cryptocurrency in the United states is not only by the masses but also more especially by the federal and State government.
Research has shown that laws relating to cryptocurrency in the United States is two ways, depending on the state/jusrisdiction. On one side, laws have been made in favour of cryptocurrency , while on the other hand, in some states, laws have been made against cryptocurrency.
A state like Wyoming (a state in the mountain region of the United States) has been described as the most crypto-favorable states in the United states by passing a law exempting cryptocurrencies from taxation. Colorado also in favor of cryptocurrencies and blockchain technology, has passed a law promoting the use of blockchain for government record keeping.
On the other hand, some states like New Mexico and California have issued a stringent warning against investing on cryptocurrencies while States like New York have passed a restrictive law against Cryptocurrencies. This has resulted to the exit of New York by many crptocurrency exchange countries.
The first United States supreme court debate on cryptocurrency came up in June, 2018 and consequently, Bitcoin and other cryptocurrencies are regulated as both currency and as a security under the United States law.
Note that inasmuch as Bitcoin/cryptocurrency is not subject to taxation in the United states, where the bitcoin tax is help for more than a year, Capital income gain tax will be paid for it. However the said capital income tax is subject to the person’s ordinary income tax rate bracket.