Since Bitcoin (BTC) established a new all-time high in late-December 2017, the cryptocurrency market has faltered. Since that fateful month, the broader asset class has posted losses that would even make gamblers cringe, as the value proposition of cryptocurrencies has become misconstrued and nebulous at times. Yet, one industry insider claims that cryptocurrencies could be blessed with a notable tailwind in the coming months.<\/p>\n
And no, it’s not a Bitcoin ETF, Bakkt, or a bout of celebrity endorsements<\/a> of this infantile sector.<\/p>\n Dovey Wan, the founding partner of crypto-friendly Primitive Ventures, recently took to her well-followed Twitter feed to convey her local insight into China’s tax reforms, and how such changes could affect publicly-tradable assets. After breaking down China’s new rules, which purportedly ensures that the “ultra-rich” are paying their dues in full, Wan drew attention to the potential influx of buying pressure that real estate and cryptocurrencies could see.<\/p>\n Crypto assets is also quite tax-effective since there is no reporting standard at all. However transacting through OTC will expose your bank accounts, hence the rich in China are investing in mining operation or hashrate rental to acquire BTC instead of buying it up front<\/p>\n — Dovey "Rug the fiat" Wan (hiring) (@DoveyWan) January 25, 2019<\/a><\/p><\/blockquote>\nRead: VanEck to Nasdaq: Bitcoin Market Structure Expected to Improve in 2019<\/a><\/em><\/h6>\n
China’s Tax Overhaul Could Push Crypto Higher<\/h2>\n
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