cryptocoinsnews.com /By Kyle Torpey / 03/04/2014
Whenever a bit of bad news hits the Bitcoin community, there’s always at least one individual who pops up and claims that “this is actually good news.” In the case of the IRS ruling on Bitcoin, that lone individual is Chamath Palihapitiya. Chamath is a well-respected former Facebook executive who doesn’t hold back his excitement when it comes to the possibilities created by Bitcoin. When you combine all of the holdings of all the different investment vehicles controlled by Palihapitiya, you get just under 100,000 bitcoins. While there have actually been a few others who have simply stated that the Bitcoin IRS ruling was “not that bad”, the points made by Chamath in regards to it actually being good news at CoinSummit actually make a lot of sense. Although this ruling could have some bad implications for bitcoins as a currency over the short term, it will eventually lead to a democratization of various tax tricks that the wealthy elite have been using for years. - READ MORE
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