French Senate Passes Tax on Unrealized Gains from Bitcoin

Dec 3, 2024, 08:05 AM

The French Senate has passed legislation to impose a tax on 'unproductive wealth,' which includes unrealized capital gains from digital assets like Bitcoin. This move targets assets that are not actively contributing to economic growth, categorizing Bitcoin alongside yachts, private jets, and luxury cars. The proposal does not explicitly address shares in companies holding significant cryptocurrency assets, such as MicroStrategy. Critics argue that this tax implies the French government expects Bitcoin's value to rise, potentially missing an opportunity to realize gains by setting up a strategic Bitcoin reserve with existing tax revenue.