While cryptos seem to be in the midst of a bleak winter, a shining beam of sunlight broke through the gloom when Thailand announced new crypto freedoms.
I have to tell you…
Right now, when discussing cryptos, it’s hard not to be a grumpy grouper.
And I know I’m not the only one that feels this way. A lot of other people also got burned by cryptocurrency over the last few months.
It’s hard to look for silver linings when all you can see are dark clouds…and it’s nighttime…and you’re wearing sunglasses.
However, when times are at the bleakest, I try to revert back to my positivity mantra: “It could always be worse.”
Because it’s true. Things can ALWAYS be worse.
No matter how bad it is, no matter how terrible things seem, never forget that a given situation could always be worse.
And I think it’s vitally important to remember that because dwelling on just the bad things in life sends you spiraling down into a depressive hole from which it’s all but impossible to escape.
It Could Always Be Worse
So, saying, “It could always be worse” is a way to remind myself that just because I can’t see the silver lining doesn’t mean there ISN’T one. There’s always good to be found, even if you haven’t found it yet.
The bloodbath in the crypto market since Bitcoin hit a high of $69,000 in November has been hard to watch.
Honestly, for many investors, it was like a bad dream. Just when we thought we got to the bottom of the cellar, the ground opened up and swallowed us as we fell even further.
While we haven’t made our way out of that hole, people are starting to make the climb–and some breaking crypto news may have just tossed a length of rope our way.
It’s small…but it’s significant nonetheless.
Thailand has decided to suspend the implementation of a 15% crypto capital gains tax for citizens that made money by trading the DeFi currency.
The proposal was introduced in January and was met with a lot of pushback, and some of the country’s citizens even rose up in protest.
After some very public debate, it seems like the people won. As of now, Thailand will NOT proceed with its 15% crypto tax plan, even as tax officials said that the profits made from trading or mining cryptos still fall under the capital gains territory.
Any Good News Is GREAT News Right Now
This is good news, though it highlights the push of other world governments trying to bring DeFi under their thumbs.
In terms of regulation, many governments are looking to regulate the crypto market, citing investor protection and money laundering as their main motivations.
That’s what happens when you grow too big too fast–you get the eyes of the world turned upon you. Governments around the globe are eager to grab, wield, and control that power rather than letting the people police it themselves.
Thailand deciding to forego the capital gains tax was exactly the kind of news that the market needed to hear, as it echoes the same kind of thinking that led South Korea to shelve its own regulations until 2023.
On a more practical level, the takeaway from this decision is that, since the news broke, many digital coins have started to move back up.
Nothing of any real significance, but any positive move is an improvement at this point.
Will it be enough to sustain a rally for DeFi?
Probably not. This kind of news is a temporary reprieve at best…but get enough temporary reprieves in a row and you’ve got yourself a rally, right?
It all has to start somewhere.
While I’m not going to hang my hat on this news, I’m not going to shake a stick at it either. We need some good news in this department and if it’s just this tiny country’s small decision, that’ll work for me.
I’m sick of seeing red every time I open my wallet. It’s refreshing to see a little green for a change.
Hopefully, we’ll get some more good news shortly…
I’m tired of losing money.
“Good news is rare these days, and every glittering ounce of it should be cherished and hoarded and worshiped and fondled like a priceless diamond.” – Hunter S. Thompson
