• Italy announces its intent to raise capital gains tax from 26% to 42%.
  • Bitcoin (BTC) price is now soaring towards the $68,000 price target. 
  • Will Italy’s decision impact the crypto market or harm its business potential?

Amid Bitcoin’s continued bullish rally well past the $67,000 price target, Italy makes an astonishing announcement. The country has just made it clear that it aims to raise the capital gains tax on Bitcoin from 26% to 42%. This move could certainly impact a mass move from crypto holders from Italy to more crypto tax-free countries like the UAE.   

Italy’s Surprising Move

JUST IN: 🇮🇹 Italy to raise capital gain tax on #Bitcoin from 26% to 42%.

— Watcher.Guru (@WatcherGuru) October 16, 2024

As we can see from the post above, one of the responses to the announcement is just that, an intent to leave Italy to escape the sudden hike in Italy’s capital gains tax. A hike from 26% to 42% is no mere hike and Italy’s move to do so may just affect its future in terms of crypto-based activity within its borders. 

How Will Bitcoin React?

The comment in particular mentions relocating Dubai. A city in UAE where both the city and the country are known for their crypto-friendly approach when it comes to their regulations. The city is home to many prominent crypto powerhouses and continues fostering innovation and growth in the blockchain, AI, and web3 sectors. 

The hike in prices hurts the crypto community as it seems to have come at a time just before the major bull run phase of the ongoing bull cycle kicks off. Presently, the price of Bitcoin (BTC) has made a significant breakthrough. The pioneer crypto asset continues its steady bullish climb past the $67,000 price level having birth through the $66,000 resistance level.

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According to CoinMarketCap data, the price of Bitcoin stands at $67,613, a price that is up by over 15% over the last month. With its previous ATH set at $73,750, Bitcoin is expected to set many new ATHs in the coming months, especially with high sentiments attached to Q4 followed by an even more bullish altseason. Will Italy’s move impact the bullish ATH expectations of Bitoin possibly hitting $550,000 this bull cycle ?

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