The Tax Cuts and Jobs Act of 2017 is exactly the reason Bitcoin spiked to an all time high of nearly 20k.
The Act lowered the maximum corporate tax rate from 35% to 21%, the lowest since 1939. Before signed by Trump on Dec. 22, 2017, The U.S. Treasury reported that the bill would bring in $1.8 trillion in new revenue. It projected economic growth of 2.9% a year. For the wealthy, banks, and other corporations, the tax reform package was considered the most significant and permanent tax cuts to corporate profits, investment income, estate tax, etc. made in the previous 30 yrs. Shares on Wall Street hit record levels as financial markets around the world anticipated the biggest package of US tax cuts since Ronald Reagan was in the White House in the 1980s.
The market anticipated the TCJA well in advance resulting in investors heavily buying shares of US stocks and also heavily investing in the cryptocurrency market as well, thus driving up the price of Bitcoin to nearly 20k.
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from Bitcoin - The Currency of the Internet https://ift.tt/3eBJXmn
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