Crypto Santa Gained Nearly $34,000 In Net Profit – Shorting Avax And Luna Crypto. A famous crypto trader but with an unknown identity Sicarious donated a part from his crypto trading profit.
Crypto Santa Gainings And Donations A Initiative Towards Humanitarian:
A crypto trader announced to give away the portion from its crypto trading profit. He dedicated this amount to purchasing Christmas gifts and other needy children. A famous crypto trader but with an unknown identity Sicarious donated a part from his crypto trading profit.
Anonymous Crypto Santa Twitter:
Sicarious, the crypto Santa, has also shared the record of his profits and losses in crypto trading. He shared a screenshot as evidence. The screenshots demonstrate that it had made nearly $6500 and $27,500 by shorting the recent price drop Terra( LUNA) and Avalanche(Avax) crypto.
Amazingly, the trader gets enough remaining profit to continue the donation spree till the end of the year.
Doubtlessly, on Dec. 5, the Sicarious declared that he would charity the profit generated till the end of 2021. The children-related causes are part of a so-called “Christmas challenge.” Meanwhile, the unknown crypto trader deposited $100,000 into their FTX account. He said that if they nuke the amount, they will donate according to their affordability.
Crypto Tax Strategy :
Meanwhile, the Sicarious identity remains blurry. However, the traders’ bill and mention of Walmart’s retail store in their tweets highlight that they live in the United States and are situated in the United States. A country that contains strict- crypto laws.
The United States Revenue Services classified cryptocurrencies as property. In simple words, if any crypto investors increased in worth, then they would need to pay a capital gain tax when they use it. Also, this method will keep the tax record in check on every single bill paid by cryptocurrency.
But in the donation scenario, the case is different. The crypto used in charity somewhat allows taxpayers to brush off the IRS tax filing process. So, donations are not taxable events. One can offload their crypto profit as donations. And cut a similar amount from their net tax liabilities in the financial year.
However, there left a big takeaway on whether to first secure the crypto profits in cash. And then donate or pledge the money in crypto.
Note: We are not any financial advisors, neither we suggest you invest in any digital asset. Our aim is to keep you updated on the current affairs of cryptocurrency and NFT by authentic and credible sources.