Tax havens: A macro outlook at Bitcoin and how it could facilitate offshore banking services
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Quick Take
- $20-30 trillion in wealth, or up to 10% of the world’s GDP, is held in offshore accounts
- Tax evasion studies have found that when one method becomes difficult, another takes its place
- Accountability and transparency are on the rise when it comes to tax havens, for which privacy is often seen as the most important element. Switching to an alternative like Bitcoin may be a pathway to regaining privacy
Bitcoin. The word means many different things to many different people. As the world’s first and foremost decentralized digital currency, Bitcoin attempts to throw a wrench into the traditional monetary system. Here we will discuss the possibility that parallels exist between traditional tax havens used by the wealthy and cryptocurrencies like Bitcoin. Estimates on the […]
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