> It seems rather unprecedented that there are currently US citizens who are billionaires because of their crypto holdings, Perhaps, but it’s not as common as

> It seems rather unprecedented that there are currently US citizens who are billionaires because of their crypto holdings, Perhaps, but it’s not as common as it sounds. Maybe there are people out there who invested $33,000 into Bitcoin when it was $1 and then didn’t sell a single penny as it rose and crashed multiple times, but the number of people achieving billionaire status without starting out with tens of millions invested is going to be quite small. Also, once you pass a specific threshold of wealth it doesn’t pay to flout the rules and risk increasing consequences. Famous and wealthy people have gone to prison for tax evasion in the range of millions of dollars. Trying to dodge taxes to remain a billionaire instead of paying the relatively small capital gains taxes wouldn’t be a rational move. Anyone sitting on huge amounts of crypto worth has likely hired teams of lawyers to cross every t and dot every i to stay in full compliance rather than put their windfall at risk for some irrelevant level of taxation.