Florida Is Making Waves in the Cryptocurrency World as It Moves Closer to Becoming the First State to Eliminate Capital Gains Taxes

A newly proposed bill in Florida seeks to exempt capital gains taxes on Bitcoin, XRP, and even traditional stock investments. If passed, this would mark the first state-level removal of capital gains taxes on digital assets, a significant departure from federal tax policies.

Florida is making waves in the cryptocurrency world as it moves closer to becoming the first state to eliminate capital gains taxes on Bitcoin, XRP, and stocks, potentially pushing BTC towards $135,000, analysts say.

Florida Could Become First State to Eliminate Capital Gains Taxes on Bitcoin, XRP, and Stocks

A newly proposed bill in Florida seeks to exempt capital gains taxes on Bitcoin, XRP, and even traditional stock investments, aiming to position the state as a national crypto hub.

This bill, which is still under review by the state legislature, would mark a significant departure from federal tax policies and could have a substantial impact on the cryptocurrency market.

Key highlights of the Florida proposal:

This proposal has generated discussion among both supporters and critics. Supporters argue that eliminating capital gains taxes would attract both retail and institutional investors, boosting economic activity and generating revenue for the state through other taxes.

However, critics caution that it could complicate tax compliance for multi-state residents and businesses, and create disparities with federal regulations.

Bitcoin Price Could Hit $135K in 100 Days as Key Volatility Indicator Remains Bullish

As Florida flirts with crypto-friendly tax reforms, market analysts remain upbeat on Bitcoin’s price journey. Recent data reveals a key volatility indicator is signaling a potential surge toward $135,000 within the next 100 days.

Crypto analyst Keith Alan from Material Indicators highlights that Bitcoin’s “Volatility Guppy,” measuring price band contractions and expansions, remains in a bullish posture despite recent market choppiness.

“Still no sign of a Volatility Guppy pivot, and 100 days out from the $135k Bitcoin price target. We're also still 90 days out from the De La Rue pivot, which could indicate a short-term price bottom around $90k as part of normal market corrections before any parabolic breakout.”

Factors supporting the $135K Bitcoin price target:

Alan further noted that short-term price fluctuations are likely, with potential dips toward $90,000 as part of normal market corrections before any parabolic breakout.

The Bigger Picture: Policy Meets Price Action

Florida’s move to eliminate capital gains taxes on Bitcoin could further fuel bullish momentum by incentivizing more investment in digital assets. Combined with favorable market indicators, the synergy of policy support and technical signals paints a promising picture for Bitcoin’s medium-term outlook.

In the broader context:

This convergence of technical and fundamental factors suggests that Bitcoin’s next bull run might already be in motion, setting the stage for a potential surge towards $135,000 in the coming months. However, it's crucial to note that persistent macroeconomic uncertainty and regulatory shifts could influence this trajectory.

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