South Korean Investor Brags About $24 Million Bitcoin Profit, Government Now Chasing Taxes
A South Korean investor turned a $90 bitcoin purchase into $22 million, MoneyToday reported on January 9. The finance publication is one of South Korea's largest. For $90 to grow into $22 million, the
A South Korean investor turned a $90 bitcoin purchase into $22 million, MoneyToday reported on January 9.
The finance publication is one of South Korea's largest.
For $90 to grow into $22 million, the
A South Korean investor turned a $90 bitcoin purchase into $22 million, MoneyToday reported on January 9. The finance publication is one of South Korea's largest. For $90 to grow into $22 million, the investment needs to increase by 244,444 times. That math works if bitcoin traded at $0.1 when the investor bought in.
That points to the early 2010s. South Korea's first cryptocurrency exchanges, Korbit and Coinplug, didn't launch until late 2013. Both drew multimillion-dollar backing from investors including Tim Draper. Before these platforms existed, locals seeking bitcoin had to use brokerages or peer-to-peer services like LocalBitcoins.
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The investor made appearances on multiple television and media programs discussing his bitcoin investment and gains. His disclosed $22 million profit sparked questions about South Korea's approach to taxing cryptocurrency returns. The government had signaled that cryptocurrency profits fall under existing tax law, and investors could face capital gains tax and corporate tax on their returns.
The publicity made crypto investors in South Korea more cautious about disclosing their earnings and market involvement. The investor's public disclosure illustrated why keeping gains private matters.
Simon Black, an investor and founder of Sovereign Man, described the government approach: "They'll find a prominent Bitcoin person, someone that's polarizing to the public – like 'pharma bro' Martin Shkreli. It will be a very public trial… and they'll throw his ass in the slammer. Governments always do this because they want to scare people."
South Korea's authorities could apply this script to this investor or any others who disclose untaxed multimillion-dollar gains on national television.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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