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if you are a business with a large collection of offshore dollars that cannot be brought onshore due to reparation taxation the easiest thing to do is convert the offshore balance to bitcoin.

i have a sneaking suspicion that this is the main reason Microstrategy originally did their first bitcoin purchase.

they avoided all capital and currency controls and reparation tax.

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BITwise 🐳 >>= RIGHTish 2y ago

Also likely why they're under investigation

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Byzantine 2y ago

under investigation?

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BITwise 🐳 >>= RIGHTish 2y ago

https://www.google.com/amp/s/www.cnbc.com/amp/2022/08/31/microstrategy-chairman-michael-saylor-accused-of-tax-evasion-by-dc-ag.html

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BITwise 🐳 >>= RIGHTish 2y ago

Seems like the saylor investigation is more about tax residency... so maybe not connected.

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Byzantine 2y ago

i am talking about foreign held currency that was earned abroad and cannot be broaght back to the us without paying a reparation tax

https://finance.yahoo.com/news/tax-repatriation-does-215953572.html

however the lawsuit against saylor seems to have no legs

https://archive.is/q5WCl

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