Bitcoin Bull Michael Saylor To Pay $40M And Settle Tax Fraud Lawsuit – Details | Bitcoinist.com



According
to

Bloomberg,
Michael
Saylor,
the
chairman
of
business
intelligence
software
company
MicroStrategy
and
a
Bitcoin
(BTC)
bull,
has
agreed
to
pay
$40
million
to
settle
a
tax
fraud
lawsuit. 


The
lawsuit,
filed
by
the
attorney
general’s
office
in
Washington,
D.C.,
accused
Saylor
of
evading
over
$25
million
in
income
taxes
despite
living
in
Washington
for
over
a
decade.

How To Get Free Crypto  


MicroStrategy’s
Saylor
Resolves
Tax
Evasion
Allegations


In
August
2022,
the
lawsuit
alleged
that


Michael
Saylor


had
“knowingly
evaded
tax
payments,”
a
claim
which
he
vehemently
denied
at
the
time,
stating
that
he
was
a
Florida
resident. 


Interestingly,
according
to
an
official
statement,
the
settlement


reached

is
considered
the
largest
income
tax
recovery
in
the
District
of
Columbia’s
history.
However,
as
stated
in
a
filing
by
MicroStrategy,
the
agreement
does
not
require
Saylor
or
MicroStrategy
to
admit
any
wrongdoing. 


The
company
clarified
that
the
tax
matter
was
Saylor’s
issue
and
that
he
was
“not
responsible
for
overseeing
his
tax
obligations.”


A
spokesperson
for
MicroStrategy
emphasized
that
the
firm
will
not
contribute
to
the
settlement,
and
Saylor
will
bear
the
full
cost.
The
settlement
marks
a
significant
step
in
holding
even
“the
wealthiest
and
most
influential
individuals”
accountable
under
the
law,
as
stated
by
DC
Attorney
General
Brian
L.
Schwalb.

Coinbase Banner  


Schwalb
highlighted
that
Saylor
openly
boasted
about
his
alleged


tax
evasion


in
Washington
and
encouraged
others
to
follow
suit.
The
attorney
general’s
office
deemed
this
settlement
a
precedent-setting
case,
emphasizing
that
no
person
should
be
above
the
law
regardless
of
wealth
or
power.


Bitcoin
Enthusiasm
Translates
To
$13.5
Billion


Michael
Saylor,
a
well-known
Bitcoin
enthusiast,
has
been
a
notable
beneficiary
of
the
cryptocurrency’s
recent
surge
in
value.


As


reported


by
Bitcoinist,
since
MicroStrategy
began
buying
Bitcoin
to
hedge
against
inflation,
the
value
of
its
holdings
has
risen
to
approximately
$13.5
billion
as
of
the
end
of
April. 
During
the
first
quarter,
the
company
purchased
an
additional
25,250
BTC,
bringing
its
total
holdings
to
214,400. 


Jeff
Dorman,
chief
investment
officer
at
Arca,
a
digital
asset
management
firm,
summarized
Saylor’s
strategy
for
MicroStrategy
as
follows:
sell
stock
or
debt
and
use
the
proceeds
to
buy
Bitcoin.
As


BTC’s
value


increases,
so
does
the
price
of
MSTR
stock,
allowing
the
company
to
sell
more
stock
or
debt
and
repeat
the
cycle.

FreeBitcoin Banner  
The
1-D
chart
shows
BTC’s
price
surge.
Source:

BTCUSD
on
TradingView.com


The
leading
cryptocurrency
on
the
market,
Bitcoin,
is
trading
at
$69,190,
indicating
a
2%
upside
deviation
from
its
previous
consolidation
observed
last
week.


In
contrast,
MicroStrategy’s
stock
price,
listed
as
MSTR,
is
currently
$1,600,
a
consistent
decline
from
its
March-end
mark
of
$1,990.


Featured
image
from
Market
Insider,
chart
from
TradingView.com

Go to Source
Author: Ronaldo Marquez


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