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Industry reacts to Bitcoin price, SegWit2x fork

Industry reacts to Bitcoin price, SegWit2x fork

Last updated 12th Apr 2022
Disclosure

These are heady times in the crypto world. Bitcoin hit $7,200, a futures contract is in the works, and SegWit2x will be activated Nov. 16.

In an email sent to customers late Nov. 1, Coinbase said: “Any user storing bitcoin on Coinbase will be credited with an equal amount of the new Bitcoin2x asset, and users will be able to trade both currencies after the fork.”

Read the industry’s reactions below:

[caption id="attachment_69012" align="alignleft" width="300"]
Perry Woodin[/caption]

Node40 CEO Perry Woodin: “This fork is an extremely interesting and contentious one. Division exists between developer camps, mining pools, and of course the exchanges. I anticipate strong movement of bitcoin from wallets to the exchanges supporting the new currency because many will see it as an opportunity of free money. But what I will stress, is that, under current IRS regulation, bitcoin is indeed a form of property and is subject to capital gains tax once it’s sold. I anticipate similar rules for Bitcoin2x, and from past experience, the majority of owners will blatantly ignore their digital currency tax compliance responsibilities.”

News Desk

News Desk

The latest news, comment and analysis from our crypto news desk.