Just got myself a credit card that gives me 1% cashback in #Bitcoin on every transaction 💳

GOOD MORNING WORLD ☀️

Trump who?

#Bitcoin ATH 📈🎈

#Bitcoin doesn’t vote or sway, It’s math and code, come what may. Unaffected by a nation’s fate, Its rules are set, immune to state. No leader sways its steadfast plan, Decentralized, beyond one man. In wallets held and blocks that chain, It thrives untouched by power’s reign.

Voted yet? 🇺🇸

How is #Bitcoin taxes where you live? In Norway, Bitcoin is treated as an asset and is subject to capital gains tax, which means any profit made from selling or exchanging Bitcoin is taxed similarly to other investments. Here’s an overview of how Bitcoin is taxed in Norway: 1. Capital Gains Tax: When you sell, trade, or exchange Bitcoin for another asset (including fiat currency), any profit made is subject to capital gains tax. The gain is calculated as the difference between the acquisition price and the sale price. The tax rate is currently 22% on gains from cryptocurrency. 2. Wealth Tax: Since Bitcoin is considered part of your wealth, it’s also subject to Norway’s wealth tax. The tax authorities require you to declare the value of your Bitcoin holdings each year as part of your overall assets. The valuation is based on the market price as of December 31st. Wealth tax rates can vary, but there is generally a rate of 1% on net wealth above the exemption threshold. 3. Reporting Requirements: Individuals must report all Bitcoin transactions to the Norwegian Tax Administration, Skatteetaten, including purchases, sales, and trades. This includes keeping detailed records of transaction dates, amounts, purchase prices, and sale prices, which should be reported annually with income taxes. Failure to report crypto assets accurately can lead to penalties. 4. Mining: For individuals who mine Bitcoin, any rewards earned are also taxable as income. Mining income is taxed as business income if done on a larger scale or as additional income if it’s occasional or small-scale. The Norwegian Tax Administration has increased scrutiny of cryptocurrency transactions, making accurate reporting essential to avoid penalties.

The Norwegian tax system feels like a maze designed to drain ambition. It doesn’t just punish hard work and innovation—it traps us with exit taxes, making it nearly impossible to move forward or even step away.