🚨 The tax-avoidance scheme of “Bitcoin Jesus” Roger Ver backfires ten years later: he reported paying $1.03 million in taxes, but now faces up to $49.9 million more—48 times the original amount!
📌 The backstory (according to Reuters, cited by BlockBeats):
• In 2011, he bought a large amount of $BTC for less than $3 million
• In February 2014, he became a citizen of Saint Kitts and Nevis, and renounced his U.S. citizenship the following month
• At the time, he and his companies held at least 131,000 BTC, worth over $70 million
• The U.S. “exit tax” treats all assets as if they were sold the day before expatriation, with capital gains taxed accordingly
• He failed to report the BTC he held personally and undervalued his companies’ assets; the statute of limitations does not apply to tax evasion involving fraud
• Earlier this month, he reached a deferred prosecution agreement with the U.S. Department of Justice. The charges were dropped in exchange for a penalty of up to $49.9 million
🧠 My take:
1️⃣ On-chain records are permanent. Every transaction underreported today could come to light ten years later
2️⃣ Changing citizenship ≠ avoiding taxes. The U.S. can pursue citizens and former citizens for a very long time
3️⃣ No matter how high the cost of compliance, it’s still far cheaper than back taxes plus penalties
Current market: Fear & Greed Index 53 (Neutral).
How many other early whales do you think are sitting on similar tax time bombs? Let’s talk in the comments 👇
#比特币 #加密税务 #RogerVer $BTC
For personal opinions only; not investment advice
📌 The backstory (according to Reuters, cited by BlockBeats):
• In 2011, he bought a large amount of $BTC for less than $3 million
• In February 2014, he became a citizen of Saint Kitts and Nevis, and renounced his U.S. citizenship the following month
• At the time, he and his companies held at least 131,000 BTC, worth over $70 million
• The U.S. “exit tax” treats all assets as if they were sold the day before expatriation, with capital gains taxed accordingly
• He failed to report the BTC he held personally and undervalued his companies’ assets; the statute of limitations does not apply to tax evasion involving fraud
• Earlier this month, he reached a deferred prosecution agreement with the U.S. Department of Justice. The charges were dropped in exchange for a penalty of up to $49.9 million
🧠 My take:
1️⃣ On-chain records are permanent. Every transaction underreported today could come to light ten years later
2️⃣ Changing citizenship ≠ avoiding taxes. The U.S. can pursue citizens and former citizens for a very long time
3️⃣ No matter how high the cost of compliance, it’s still far cheaper than back taxes plus penalties
Current market: Fear & Greed Index 53 (Neutral).
How many other early whales do you think are sitting on similar tax time bombs? Let’s talk in the comments 👇
#比特币 #加密税务 #RogerVer $BTC
For personal opinions only; not investment advice