Biden-Proposed Tax On Bitcoin Miners Will Drive Industry Out Of US, Warns Marathon Digital CEO
Portfolio Pulse from Mehab Qureshi
Marathon Digital Holdings CEO Fred Thiel warns that Biden's proposed tax on Bitcoin miners may drive the industry out of the US. Thiel argues that the tax won't increase renewable power and that Bitcoin mining in Texas is negatively impacting other industries. Marathon Digital is considering expanding its operations outside the US.
May 19, 2023 | 4:38 am
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NEGATIVE IMPACT
Biden's proposed tax on Bitcoin miners may drive the industry out of the US, potentially affecting the price of Bitcoin.
The proposed tax on Bitcoin miners could lead to a decrease in mining operations in the US, potentially affecting the price of Bitcoin. This may result in increased volatility and uncertainty in the short term, negatively impacting the price of Bitcoin.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Marathon Digital Holdings may face challenges due to Biden's proposed tax on Bitcoin miners, potentially driving the industry out of the US. The company is considering expanding its operations outside the country.
The proposed tax on Bitcoin miners may negatively impact Marathon Digital Holdings, as it could drive the industry out of the US. This could lead to increased operational costs and regulatory challenges for the company, potentially affecting its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100