November 27, 2021

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U.S. tax authorities seize $ 3.5 billion in 'crypto'

U.S. tax authorities seize $ 3.5 billion in ‘crypto’

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Hillary Clinton: ‘Bitcoin devalues ​​dollar as world currency’

Former United States Secretary of State Hillary Clinton Bloomberg talks about Bitcoin at the New Economic Forum. Clinton, among others, said that Bitcoin has the potential to undermine the value of the US dollar as a global reserve currency.

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“One area I believe states will pay more attention to is the rise of cryptocurrencies. An interesting and attractive way to cut new currencies has the potential to destabilize entire nations,” Clinton said.

US IRS seizes $ 3.5 billion in cryptocurrencies

In fiscal year 2021, the Inland Revenue Service criminal investigation (IRS-CI) seized a total of $ 3.5 billion in cryptocurrencies. This is 93% of the value of all IRS reviews, according to the IRS.

“I expect the trend of seizing cryptocurrencies to continue into 2022. We see the role of cryptocurrencies in the crimes we are investigating,” he said. Bloomberg IRS Director Jim Lee.

Influence on the rising dollar index and bitcoin prices

The US Dollar Currency Index (DXY), which measures the value of the US dollar against a basket of other currencies, remains strong and strong throughout the year.

While many investors are currently focusing on inflation in consumer and property prices, one thing to note is the growing strength of the dollar against other currencies. This is due to the role of the US dollar in the global reserve currency.

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For most assets, including bitcoin, the exchange rate is expressed in US dollars. As the value of the dollar increases, the value of the property in question decreases by definition.