In today’s modern world, cryptocurrency isn’t that taboo of a topic anymore, and it’s an investment scheme that most regular people can invest in. Not only that, but a lot of countries worldwide have claimed that they’re a crypto friendly country.
Back then, investing would require thousands or even millions of dollars just to get your foot in the door – now, a few thousand will get you quite far in the world of cryptocurrency, and a lot of countries around the world have claimed to be a crypto friendly country.
Even though we might’ve seen some of our friends or acquaintances investing in stocks, do we know which cryptocurrency type is the best? Do we also know which is the most crypto friendly country in the world?
In this article, we will explore some of the reasons why we think one particular country is the most crypto friendly country in the world – and we’ve got our friend, Roger Ver, to join in the conversation.
Looking at Roger Ver’s Background
In the past, we’ve been graced by Roger Ver’s presence, and he gladly came in again to discuss something that he’s quite passionate about, which is a cryptocurrency and the quest for the most crypto friendly country in 2021.
If you’re quite into the world of cryptocurrency, then you’ve probably already heard of Roger Ver. He’s not just a crypto investor, and as a matter of fact, he’s one of the pioneers in this investment scheme.
Roger has been one of the earliest investors of Bitcoin, and he has also started a few Bitcoin-related startups. Some people call him “Bitcoin Jesus,” and he doesn’t go off-brand since he now promotes Bitcoin Cash.
Going Where You’re Treated Best
Here at Nomad Capitalist, we’ve always told our clients and our readers to do one thing: go where you’re treated best. This is something that we believe in, and it’s something that we promote quite heavily.
This was what Roger did when he moved to Japan in the mid-2000s. Then in 2014, he eventually renounced his United States citizenship – much like most wealthy investors who don’t want to be taxed quite heavily, and much like other citizens renouncing their US citizenship.
Roger opted for citizenship from the Caribbean dual island nation of St Kitts and Nevis, and this goes to show that most cryptocurrency investors do need a second passport – preferably in a crypto friendly country.
Inspecting the Rise of Bitcoin
The world of cryptocurrency has a bit of volatile history – one day, the market is peaking, and it might be crashing the very next day. There really is no guarantee that your investments, may it be Bitcoin or others, will see long-term success.
According to some sources, the volatility of crypto’s background makes it highly likely that Bitcoin will fall back down as it’s continually climbing. There are price swings that are happening, and these are just some of the things that long-term crypto investors would have to deal with.
This is something that we can see from Bitcoin’s all-time high climb of more than $60,000 just last April. Then again, it was followed by a massive drop of under $30,000 just in mid-July.
So with these things in mind, how do different countries in different parts of the world deal with cryptocurrencies and their ever-changing nature?
How the United States Deals with Cryptocurrency
The United States has a very different approach to Bitcoin or any other kind of cryptocurrency.
As Roger points out, for him, cryptocurrency is a form of currency that’s as good as money. This means that it can’t be subject to certain taxes and regulations. However, this isn’t how the government or the IRS, in particular, sees it.
For the IRS, cryptocurrency should be considered as “property,” and this should subject it to capital gains tax.
Through the years, countless themes have emerged in the United States regarding the stand and the regulation of cryptocurrencies in general. The IRS wants to stop cryptocurrency crime and tax evasion, stablecoin regulation, other investment vehicles, and other funds. They think that adding more tax will stabilize the economy and make people pay more when it comes to crypto investments.
However, this simply decentralizes the nature of digital currencies, in general. Although this might seem like such a setback, there might be some good that comes from it since digital currencies or digital wallets have a bit more scam potential attached to them.
How Smaller Countries Deal with Cryptocurrency
Now, when it comes to smaller countries, you’d be surprised at how open they are when it comes to the “uncertain” cryptocurrency or digital wallets in general.
According to Roger, Antigua is still one of the most crypto friendly countries in the world as of today.
This might seem shocking to others, but it isn’t so surprising when you come to think of it or when you have a bit more background when it comes to the country’s economy.
In most recent news, El Salvador currency Bitcoin became the legal tender of the country as of early September 2021.
In the previous years, Antigua has bloomed, and its economy has stabilized, all thanks to online gambling. Not many people know this, but most online gambling companies were actually based in Antigua.
This nation in the Caribbean has issued and regulated online gambling since 1994, and its economy has simply flourished because of it. However, this is a “business” that has been outlawed by the United States, even though it’s a legal industry in Antigua.
It’s also because of this unlawful meddling that led Antigua to sue the United States in the International Court of Justice.
Fortunately for Antigua, they won against a massive legacy brand country like the United States – yet, they’re still waiting for the $25,000,000 annual compensation from the United States, which should’ve been paid starting in 2003.
The Reason Why Smaller Countries Are More “Open”
It might be a bit concerning or even surprising that smaller countries in the Caribbean, like Antigua, would be a bit more “open” when it comes to cryptocurrency than legacy brand countries.
Roger said that this might be due to the fact that the pandemic has been disrupting these citizens’ regular livelihood.
Interestingly enough, this might just be the case – the locals’ livelihoods have been massively affected by the pandemic, so these people are eager to find new ways to make new livelihoods of their own.
In Antigua alone, you can almost pay for everything using cryptocurrency. It’s been such a great place for cryptocurrency vacation destinations. Roger also encourages people, not only those interested in crypto but also those who want to enjoy the beautiful country, to visit Antigua once travel restrictions are lifted.
Cryptocurrency for A Living?
Roger has stated that if your end goal is to buy or invest more in cryptocurrency because you want to sell it for more money in the long run, then that will not be very beneficial or economical for you.
Due to crypto’s volatile reputation, it’s always best to have a backup plan when things don’t go the way you planned – the same goes for when the market crashes, which seems to always be happening nowadays. If you want to invest more in crypto, then great, and that’s such a good thing to invest in. However, you need to have the right reasons for investing.
Not only that, but you also have to find the right bank that can deal with cryptocurrency and certain regulations since banking with cryptocurrency can be quite different. There’s a lot of things going on underneath, not just investments.
The Most Crypto Friendly Country in the World
According to Roger, there are three crypto friendly countries in the world.
The first one being Antigua, for the reasons that most locals there are generally open to the idea that cryptocurrency is a rising mode of payment.
The second is Singapore since the country has been doing well in handling the entry of crypto and those kinds of digital investments.
Lastly, there’s Japan – for the reason that most Japanese think that Bitcoin was founded by a guy named Satoshi Nakamoto.
These days, Bitcoin and all the other forms of cryptocurrency are slowly rising in the world market. These digital currencies have been gaining popularity and quite a great reputation for entrepreneurs and investors alike, so it’s always great to know that there’s a possibility that this could be an investment that’s for the long term.
If you want to know more about digital currencies, then check out our guide on how to invest in cryptocurrency.
