The dispute over the future of cryptocurrencies has been going on for years. Some people make fortunes from it. However, many lose their savings. The enormous volatility makes it certainly not an investment for the faint of heart.
In early December, national media were enthusiastic that MP Sławomir Mentzen had included not only two houses or PLN 15,000 in his asset declaration. euros, but also 33.7 bitcoins with an estimated value of PLN 4.9 million (in words: four million nine hundred thousand zlotys). The Confederation politician publicly claims that he made a fortune from cryptocurrencies in ten years just because he didn’t listen to the warnings of Poland’s financial regulator. However, we must not forget that in addition to people who have made enormous fortunes in the crypto markets, there are also those who, despite great confidence in profits, have suffered enormous losses. However, Sławomir Mentzen is not the first Polish politician to disclose savings in cryptocurrencies in his asset declaration. Previously, they were included in the statements of Krzysztof Bosak and Konrad Berkowicz. Bitcoin, also known as digital gold, is the oldest and most popular cryptocurrency in the world. There are hundreds of types of ‘virtual currencies’ in circulation worldwide. The wealth declarations of Polish MPs will include those with the highest capitalization, i.e. excluding Bitcoin, for example Ethereum.
The Fed raises the price
In the past, to obtain bitcoin you had to ‘mine’ it, which not only requires time, but also large investments in the right equipment and paying huge electricity bills. The energy costs are enormous, which could explain what motivated criminals to use electricity for mining in public institutions such as police headquarters or the Supreme Court (in both cases the case was handled by law enforcement agencies). A much more popular, faster and more convenient method is to simply buy bitcoin. This can be done on digital exchanges, specialized cryptocurrency exchange offices, etc. Trading is therefore possible 24 hours a day, seven days a week. In Poland, trading in digital currencies is not prohibited, but anyone who comes into possession of bitcoins, etc. is obliged to report their purchases and sales in the PIT-38 annual statement. You should also be careful when trading.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
