Bitcoin is looking better and better as we enter into a new era of IRS reporting. In the Treasury Department’s cute little proposal for 2022, Biden is trying to make financial institutions report to the IRS nearly every time you stick your hand into the cookie jar.
If you’re saving for a rainy day, you just might get drenched…but not the way you planned on. The IRS will know every step you make and be all up in your business. You won’t have room to breathe. Don’t you love our government of the free country in which we live? It’s getting less and less free.
But if FNB Community Bank’s reaction to this news is any kind of a clue, our financial institutions will be on our side.
That’s a good bank. We deserve our privacy. When presidents started talking about total transparency, they weren’t talking about themselves and their administrations. They were trying to get you used to the term so that when that day came, you wouldn’t mind that your privacy no longer existed. It was just an illusion you thought you still had.
“They are collecting information about everybody, and I don’t know why it is necessary to collect information about everybody,” says Ed Mierzwinski of the U.S. Public Interest Research Group.
With Bitcoin, you don’t have any of that to worry about. Of course, the government will try to get its hands on some kind of control. But we have the right to keep their dirty mitts off our stuff. We just have to keep reminding them from time to time that WE are THE PEOPLE.
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