No, China Didnt Just Ban Crypto
What's going on guys. It is tuesday may eighteenth. And i don't know about you but it has been so many days of endless meditation and analysis on the meaning of musk that today. I thought i'd do some good old fashioned news. So this is one of those shows. That's roundup of about five topics. Basically extended brief. And i want to start with cryptos allies on capitol hill. We're so used to looking at regulatory risk in the loud politicians don't like bitcoin and crypto that we forget that this cycle has much stronger than we've had in the past. Here's one example yesterday representative. Tom emmer a republican from minnesota reintroduced legislation that would prevent the irs from penalizing taxpayers forked assets until the irs can provide clarity on its policies. Basically imagine that someone forked bitcoin into bitcoin alon rules and airdrop do your equivalent holdings on the new chain. But you didn't want the stupid. Bitcoin rules because he does not rule well according to guidance from october twenty nineteen the irs would say that your bitcoin ilan rules holdings would count as taxable income surprise surprise and other inland coin. Messing up your day. This approach says emmer and everyone in the crypto. Space is ludicrous. In fact it shows plainly that regulators can't just straight up apply existing thinking to this new domain now. This is the third time this legislation the safe harbor for taxpayers with forked assets. Act has been introduced. So let's hope this time it actually passes next up is long bitcoin. The most crowded trade in the world. According to bank of america's fund manager survey. The answer is yes. This is a poll of one hundred ninety four fund managers who represent five hundred and ninety two billion in assets more than forty percent of them say long. Bitcoin is the most crowded trade in the market. That's up from a little under thirty percent last month. Long tech and long. Es g both come in with over twenty percent of the vote as well short us treasuries even makes an appearance with around seven percent of the vote. This is getting some traction in the news because previous peaks have been associated with relative tops in other areas such as us treasuries in march of last year.