May 21, 2022

Money Matters- Risks and Benefits of Cryptocurrency

COLUMBIA, S.C. (WIS) – Recently, President Biden asked the federal government to do an assessment of the risks and benefits of cryptocurrency.

Josh Bradley from Capital City Financial said that most people thought that when this news was first reported that it was President Biden’s stamp of approval, however, it is more of an encouragement for government agencies to create regulations around cryptocurrency.

Bitcoin, or other crypto prices, can go up and down, with some being worth a lot and some going away completely.

The government and other financial authorities are worried about things like illicit activities, safety and protection from scams and the environmental impact.

In the future, you can expect a more consolidated view of cryptos and possibly a narrowing of options as the government approves certain cryptos and vice versa. Bradly said the technology is here to stay regardless of those decisions.

Be prepared for tax law changes regarding cryptocurrencies because the government may want to get their hands on some of that revenue.

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