 Welcome digital asset news. Take a top stories in cryptocurrency and digital assets and bring them out of bite-sized pieces today We've got some news which is very concerning and is a warning just like the thumbnail said so first up US court Authorizes IRS to seek identities of taxpayers who have used cryptocurrency and this is going all the way back into 2016 and if you haven't done anything with your taxes right now This is the time to start because of what is going on so let's take a look at what is happening there on top of Joe Biden dumping an 80 billion dollars to help crack down on taxes and Finally, we'll take a look at a nice little piece Which I think is extremely bullish crypto analytics firm coin metrics raises 15 million and Goldman Sachs leads the funding round Which is kind of surprising because they've also launched a new Bitcoin derivatives Which is even more amazing because just a year ago they were saying that cryptocurrency wasn't even an asset class So we'll take a look at those great stories, but first let's take a look what's going on the market So today it is May 6th, and we were just around 2.4 trillion And we just had a little bit of a drop-off last half an hour, but hey things are going pretty good in quite honesty So we've got Bitcoin roughly around fifty six thousand two hundred. Let me blow this up so you can see it Actually, it's up a little bit in the last hour point five six Ethereum around three three almost thirty five hundred Binance coin impressive run seven percent for the week dogecoin even more impressive almost a hundred percent In the last seven days and just so you know Elon Musk will be on Saturday night live this Saturday And he's been tweeting like non-stop, so we'll see how that price actually goes up I was like I just hope I just throw my hands up and go dogecoin. It goes a buck goes a buck I mean I can't even predict that that's crazy XRP watch out $1.61 getting up to there in those those high numbers almost $2 cardano tether tether No one cares cardano $1.61 so congratulations cardano holders maybe that news of everything that's going on in Africa and Ethiopia and them signing contracts with the government is actually paying off So that's looking pretty good Bitcoin cash is also up bigly at almost $1,500 I actually reached out to I reached out to Danish Chowdhury over there at Bitcoin comm just to say hey Man, what's going with Bitcoin cash is like can you send me some lame CNN article? I'm like you gotta be kidding me Danish, but who knows there is some good things I'm sure you probably know so let me know in the comment section, but Bitcoin cash holders I am one of those so congratulations and everything is up pretty good. So looking pretty great I like what's going on in the market one thing. I don't like is something we're gonna take a look at right now, which is Taxes so I know it's not a very sexy topic, but I want to remember this It's not what you make it is what you keep I have nobody's dad Well, that's not true. I have somebody's dad But I know I'm not here to be like that father figure like you gotta do this You gotta do this look I've been on the ropes with the IRS before just don't fall in that trap It's all I'm gonna say and they're getting ready to crack down So US court authorizes IRS to seek identities of taxpayers who have used cryptocurrency. What's going on? Well, the federal court in the US has authorized the IRS to survey John Doe summons to the crypto exchange crack And when I saw this I'm like not so bad, but I remember to Mike Oh, they also the same thing to Coinbase and if they did that to that one Probably Binance us probably a Gemini and if they really want the information if it's not being already given They're gonna get it and that's just how it is So if you think like like some some people in the comment section taxation is theft And that's what cryptocurrency is for we don't have to pay anything you can think that but the government thinks different That's all I can tell you the IRS seeking information about taxpayers who conducted at least 20,000 worth of transactions in crypto I'm like, okay, that's not too bad, but that's from 2016 to 2020 So in the last four years, did you transact $20,000 because if so They're gonna have your information and as a US taxpayer. This is only for US taxpayers Just so you know when you thought that form 1090 easy or whatever Whichever one you have and at the very top it says did you at any time purchase any virtual currencies? Yes or no, you say no and don't report it. Well, they're like But that's funny because we just went to crack in and coinbase and here's all the things here And it's right there So we're gonna find the hell out of you and that's what I don't want you want to have happen And then to finish up those who transact with crypto must meet their tax obligations like any other taxpayer Assistant attorney general David Hubert of the tax division. So that's a bummer Here's the thing though I wasn't really too worried about it because the IRS was kind of short staffed. They were actually There was a reduction in numbers over the last four to six years for whatever reason They just you know just didn't really put a lot of time and effort into it And if you made less than a hundred thousand dollars your Percentage of getting actually tax was much higher because it's a lot easier to go down for people who don't make that much because they don't They know they're not gonna lawyer up. They're not gonna do much. They're just gonna crack down on them. However Joe Biden came out and said look, I'm gonna give the IRS 80 billion dollars to beef up the IRS auditors of high earners So some people are asking me like well, why would he do that? Why would he put 80 billion dollars because if you can put if you put 80 billion and get 800 One should do that all day long. That's what they're banking on so all these different high earners and people who like are you know move things around and They're like, you know what you want to lawyer up? That's cool because we got an army behind us and we'll come at you now Is that mean like the big big huge people are gonna get taken down? Probably not But if you're making I don't know any a million to ten million and below Just watch out and that is the whole thing today. So This is a warning if you haven't done it yet time to do the taxes I'm not here to tell you what to do. I'm just telling that what I did and here's what I did I use this thing called crypto trader dot tax and before I move on Thanks to crypto trader dot tax and I trust for sponsoring this video. It's pretty appropriate actually guys and Crypto trader dot tax is what I've used two years in a row And what's great about that is a time that I open it up to figure it all out Put all my transactions in because there's a direct API for all the different exchanges except for Voyager Just so you know, it's gonna take a little bit of time to get that's that spreadsheet It get it pulls it all in I send over my CPA done and then this year I'm waiting till May 17th my CPAs is finishing up and then off it goes and use it two years works flawlessly quite honestly So and that is that I did a video about how to use it And you can watch that as a link in the description also link in the description is 20% off On top of that you can also sign up for the get they draw every week an unlimited tax report Which is $300 value so you can sign up for that or just what I would do is just I just got it and then did it now Is it so there's that piece and if you don't like paying taxes like nobody does Take a look at I trust so I trust is a crypto IRA and I did a video on this one, too It's about 20 minutes long and it goes over this between traditional IRA separate Roth IRA and how that all fits in and how it's tax-free And what's great about that is the crypto that you actually put into this crypto IRA You're going to be able to get that out as it gains tax-free For all the gains on top of that if you put in things like Cardano and polka dot which is what they offer over there You can stake them within your crypto IRA and then those rewards are also tax-free So it's like a double whammy win. So Take a look at I'll link the video again in the very in the description and again If you have a 401k a 403 B a TSP or anything like that that you want to cross over reach out to these guys over at I trust use washers of Dan they get a Month free for the service and then you can ask them all the questions that you want to I just sat down with Them for like 30 minutes and did a phone conference and they answer all my questions. So that's it That's what's going on. So let me know what you think of the comment section and let's move on to our last piece. So This one was kind of funny. I do love these stories I guess I cannot stop reading them because it's just goes to show you, you know, how far we've come and what's going on here is Crypto analytics firm coin metrics raises 15 million and Goldman Sachs lead the funding round I'd love this part. So the company coin metrics provides analytical marketing data indexes and network risk solutions for digital currencies Like Bitcoin also, right? In addition to Goldman Sachs, it was also bolstered by collab currency castle and vetchers Highland capital and fidelity investments. So there's some big names that need a lot of data Pertaining to crypto currencies or assets. So why would that be? It's because They really want to go in hard. There is no reason for them to put this much money Into just data just to take a look at data and just go, okay Where is our not where's our entry point? But where can we get in where we fit in? To actually, you know offer these these services to our clients and then we can make a goblow to money And that's why they need the data. So that there's no other reason then for them to do that I mean, that's how it seems to me So for many years now Goldman Sachs has been invested in the innovation crypto solutions and blockchain tech provides Remember that again for many years now Goldman Sachs has been interested In the innovation crypto solutions that blockchain technology provides. Sorry. I thought I said invested. I'm like, that's not even remotely true And then lastly it states and this is from Matthew McDermott global head of digital assets of Goldman Sachs Which I guess they got a guide there global head Data is critical for the mainstream adoption of crypto assets by traditional investors and financial service players Our clients will greatly benefit from coin metrics institution grade data insights and emerging risk management tools So again, they want to get all their people on like, you know what these cryptocurrency? That's super hot Guess what? We've got a way to evaluate that we can help you out. We can put you in these types of platforms Don't worry come to us. We have all the answers. You can trust us We're Goldman Sachs and that's pretty much how it goes down to which I think is is pretty hilarious and at the same time this happened just right now Goldman Sachs launches a new Bitcoin derivatives and the so They started offering Bitcoin back non-delivable forward contracts to Wall Street investors and New derivatives product was quietly quietly introduced to Goldman's clients last month Of course, I'm not gonna announce that because we're just the small fries We're just a small retail investors. They're not gonna talk to us about this So it's not don't look at what they say just look at what they do and this is what's going on Which I think is very interesting considering the fact that in the past This was just May 2020 Roughly a year ago Goldman Sachs Bitcoin and other cryptos are not an appropriate asset class, but yet they did all this Data they pulled all this information. No, like, you know what it is. It is yeah It is it is not a Appropriate class Unbelievable. So that's pretty much what's going on. I want to make this a little bit quicker of a video We did two videos in the last 24 hours The one we just did this morning, we took a look that's zero trade I'm gonna link that also at the very end and if you're looking because For as far as decentralized exchanges if you use the Uniswap, those are high fees I like zero trade because they're using not only Ethereum. They're using Avalanche the Binance smart chain They're also going to have an NFT platform They've also signed a bunch of different deals and they're working with implementing Polkadot and another big cryptocurrency project as far as a chain to swap pretty much everything and Just take a look at that This video today is pretty interesting and then also we did another video yesterday Over at Dan Clips. Just so you know digital asset news is just gonna be the news Just a little, you know, maybe some some things that are like we talked about with the Dexes but for like the Small time smaller projects that are just getting started and things that are just a little more advanced We're gonna put them over on Dan Clips and we just talked to the CEO over a permission IO the ask token Which is ranked number 813 on the market cap as far as market caps go And I think it's gonna be something to look into that's all I'll say so you can find the link to Dan Clips You can either do a search or just go into the description all the links are there and that's it So first of all thanks for sticking with me. I appreciate it If you liked that type of video go ahead and do me a favor and hit the thumbs up like it Consider subscribing a lot of things we talked about are very time-sensitive and that's it for today. So enjoy the weekend I appreciate it and I'll see you on the next one