Schiff, a seasoned economist and gold enthusiast, expressed concerns about a potential Supreme Court ruling that could redefine income and tax unrealized appreciation, posing a threat to property rights. Novogratz, a well-known Bitcoin proponent, responded sarcastically, marking an unusual moment of agreement between the two.
In Schiff’s view, this legal shift could force Americans into selling their assets to cover tax liabilities, with the federal government emerging as the likely buyer, paying in near-worthless paper. He warned that such a decision could render the Constitution meaningless, undermine private property rights and provide the legal means for a communist revolution without the need for violence.
In response to Schiff’s post, Bitcoin advocate Mike Novogratz surprisingly agreed with the position, punctuating his statement with a laughter emoji. This unexpected alignment of views between the two figures garnered attention in the crypto community, sparking discussions about the potential impacts of government intervention on individual assets.
On the other side of the spectrum, Mike Novogratz recently about the crypto industry’s resilience. He acknowledged a significant purge of bad actors during the 2022 market crash and believes that most of them have exited the stage.
Novogratz is also one of the proponents who a Bitcoin spot ETF is imminent.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
