In a recent exchange on the social media platform X, previously known as Twitter, we saw two influential figures weigh in on a contentious topic. The debate was sparked by a statement from the SEC in the Coinbase case, asserting that «crypto has ‘no innate or inherent value.'»
This bold claim drew the attention of Dogecoin co-founder Billy Markus, who responded with a pointed critique, highlighting the taxes he has had to pay on his crypto earnings. Elon Musk, the CEO of Tesla and SpaceX, known for his influential stance on cryptocurrencies, joined the conversation, supporting Markus’s perspective.
then return all the taxes y’all made me pay for receiving it you horrific evil hypocrites pic.twitter.com/rwisnADwLe
— Shibetoshi Nakamoto (@BillyM2k) October 9, 2023
Billy Markus’s initial reaction to the SEC’s statement was both sharp and direct. He challenged the regulatory body by saying, ‘Then return all the taxes y’all made me pay for receiving it you horrific evil hypocrites.» This comment underscores the perceived double standard in the regulatory approach to cryptocurrencies. On one hand, authorities are quick to tax crypto earnings, treating them as tangible assets, while on the other, they question their inherent value.
Elon Musk, never one to shy away from a crypto conversation, chimed in with a rhetorical question, «It’s real if you have to pay taxes, but otherwise not real?» This sarcastic remark highlights the inconsistency in the regulatory perspective. If cryptocurrencies like Dogecoin or Bitcoin are taxed as real assets, how can their intrinsic value be denied?
Billy Markus responded to Musk’s comment, suggesting that the «realness» of cryptocurrency is «transitory.» This statement can be interpreted in multiple ways. It could mean that the value and acceptance of cryptocurrencies are evolving, or it might hint at the volatile nature of the crypto market, where assets quickly gain and lose their value.
While regulatory bodies grapple with defining and understanding the crypto realm, influential voices like Markus and Musk continue to challenge and shape the narrative.