Does Trump then sell BTC for USD on an exchange and then pay tax on it? Why didn’t the Winklevii just send USD?
I don’t get this use-case for BTC, overbanking the overbanked.
The Winklevii sent BTC because they have a buttload of it, bought at a very low price. Their actual cost for that donation is basically the long-term capital gains tax (and maybe not even that if their accountants are creative).
And yes, Trump (or his campaign) have to convert that to fiat at an exchange. (Probably Gemini, owned by the Winklevii.) But the key thing is that with Crypto, they have no way of knowing where the donations are actually coming from. Someone in Saudi Arabia or Russia could be filling out donations forms through a VPN, and list their location as Branson, MO, and there would be no way for anyone to prove it wasn’t really from Branson. (Maybe if they were careless and reused BTC addresses. Some Monero shill will probably reply and make sure everyone knows how Monero is even better at money laundering…)
I mean just because you say some pithy thing at the end doesn’t make it wrong. Nobody should still think, in 2024, that Bitcoin is in any way anonymous. If you want privacy you don’t use Bitcoin.
I guess that makes me a shill for Monero 🙄
Bitcoin is pseudonomynous. If you are careful it can be anonymous but that is not a guarantee.
Monero is anonymous, as anyone who uses it will remind you about, repeatly. Monero users are the vegans of crypto.
