HIFO: The Tax Loophole That Could Be Helping Bitcoin Investors This Tax Season
‘Highest in, first out’ aka HIFO is a tax accounting method that can be a very good thing to know as an investor dabbling In crypto this past year. As we approach tax season and related questions continue to rise to the top, let’s take a look at a tax methodology that we are seeing […]
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The U.S. “wash sale rule” gives bitcoin investors the chance to realize tax breaks. Here’s how.
It doesn’t come as a surprise to many as Islamic societies are known to label cryptocurrency trading as a form of “Haram”. Many Islamic organisations in the past have condemned the trading of digital assets such as cryptocurrency and even non-fungible tokens. Recently, the Tarjih and Tardid Council of Muhammadiyah also issued a similar memorandum stating that “Tarjih’s fatwa stipulates that cryptocurrencies are illegal both as an investment tool and as a medium of exchange,”. A fatwa implies that the currency is tagged as unlawful for the community. The....
Because Bitcoin is the first ever cryptocurrency, it often has a cult-like following of investors who won’t touch an altcoin no matter the potential ROI or promise behind the technology. But the recent alt season has investors in profit from the bull run converting BTC into other coins in search of better performance. After such an incredible run by assets like Ethereum, Cardano, Solana, Dogecoin, and several others, and the fact Bitcoin is building momentum, the expectation is now that BTC dominance will soon reverse, and altcoins will see some reckoning as a result. However,....
In 2020, holding the top 100 altcoins equally was a more lucrative investment than Bitcoin up until Dec. 18, according to eToro. Investors who knew when to swap Bitcoin (BTC) and altcoins could have boosted their gains significantly in 2020, according to new research from eToro, the popular social trading platform. The challenge, of course, is pinpointing when the coveted alt season begins. In its latest quarterly report, eToro breaks down various cryptocurrency investment themes related to the 2020 bull market. It also devotes an entire section to alt season – the part of the....
Altcoin season is a phenomenon that excites investors in the crypto market. It often means a period of multiple gains as the altcoins see their valuations and prices grow rapidly. This usually comes after a bull run in the price of bitcoin, which is now the case with the current market. With summer coming into […]