The crypto journey started due to the government's rated tax rate. There are many cases where a multi millionaire faces a lot of problems due to tax issues. And this is what makes them feel so bad about the government because they earn money with their hard work, while govt just take away their money without any reason. And if they don't agree to pay tax then a government issue comes to them. For this reason they want to get rid of the tax issue but they did not find any solution to this. At last, in 2009 Bitcoin was invented which is called crypto currency and god of crypto.
This is the bitcoin which indicates the financial freedom for whales or multi millionaires as the bitcoin transaction system is totally decentralized and a peer to peer electronic money transfer system. Where they do not need any third person to process their money transaction as we need for bank money transfer. So with bitcoin they start to escape from the government tax issue. Because if you want to transfer Billion dollars within a minute then it will cost you only $10 less but if you go to Bank to transfer this billion dollars? The process will take a long time plus the transaction fee will be much higher than bitcoin transaction. Also the government will start an investigation against you. This is dangerous for Billionaires.
So they come under a system where none will be able to trace the money they have or stored. And from the system they keep transferring billions and billions of dollars without government permission and become more rich. This is helpful for a multi Millionaire but a loss for the government. This is why every time the government hates bitcoin and crypto currency, they keep banning it. Except in some countries, crypto is treated so badly. If you look to the US, you will see there crypto is legal but their citizens have no freedom to use it. Because every time they have a limit to buy crypto from their centralized exchange and pay tax according to their amount. Leave this topic!
Will crypto be helpful for normal people?
This is the most common question from normal people because they do not know what financial freedom is because they never faced tax issues from the government as they earn so little which is less than they need to spend in their family. So thinking about tax and financial freedom, is really stupidity and this is the reality too. Normal people do not think about finances but they want a peaceful life. While billionaires want to have a system where they can spend their money with their own wishes without any government permission.
This is why billionaires now come with the system of crypto currency and sharing the wrong thought to people like us about financial freedom via crypto adoption. Recently Bitcoin became the legal tender in EI Salvador but this is not helpful for normal people. Because bitcoin or crypto will not give them extra profit or facilities but this will lead them to face problems more than cash inflation. Because Bitcoin is volatile and whenever they store bitcoin up to 1000 dollars and bitcoin price drop down too much. So their 1000 dollars investment will surely go down. So normal people can afford this? No, they can't.
So why do normal people need financial freedom? Crypto currency is not the term of financial freedom. In fact, we normal people already have financial freedom. Because we do not earn money in an illegal way. But billionaires have no financial freedom because they own more money than they should own. This is not helpful for the government. So the pressure on them to adopt crypto is more important than us. This is the reason why we should not rush on crypto adoption.
Because still the whole crypto community and market is controlled by some powerful person in this world. And if they want, they can destroy this total crypto ecosystem within a short time. You may think this is not the reality but this is true. The US has already started to control Crypto and they keep searching on how to control it. Because this is a threat for centralized finance and for normal people. And as the government, they have this responsibility to control this scam.
Crypto saves billionaires money and make them more richer but normal people become more poorer
It is good to read your post, and somehow I can agree with you.
And I would like to add that taxes are progressive nature in round the globe that is to maintain the gap betw.een rich and poor. And next tax is on profit not in capitals. So, tax is not a problem as we think it so.