MAMMA MIA! Not my Bitcoin 🤌

Bonus: $230M crypto kidnappers + Price go up 📈

October 17, 2024

GM Builders! 🚧

Welcome back for this special edition of the BW3 newsletter… at nighttttt 🧽 

Here’s what’s cooking:

  • Price go up 📈 

  • Italy wants your bitcoin gains 🤔 

  • Top 3 in the Main Stream 📰

  • Meme City 🌆 

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PRICE GO UP 😱

The rally has everyone juiced up like a capri sun. (the OG pouch kind) 🧃 

And after climbing to $67k on the heels of FTX Repayments, blackrock’s hype up and more election craze, everyone is wondering where BTC heads next.

Perhaps to the bar to let loose for a drink or maybe straight $140K, who knows?

Our eyes are peeled to our digital wallets and the next catalyst that will take us to new territory Christopher Columbus style (or maybe Lewis & Clark + Sacagewea if thats your cup of tea) 👀 

ITALY WANTS TO EATALY YOUR BITCOIN? 🤔

Crypto traders in Italy, brace yourselves. The Italian government just dropped a massive tax bomb, proposing a 62% increase on capital gains from Bitcoin and other cryptocurrencies. That means the tax rate jumps from 26% to 42%, making it one of the highest in Europe.

Deputy Minister of Economy Maurizio Leo made the announcement during a press conference on the 2025 budget. This isn't just a slap on the wrist—Italian taxpayers are now required to report their crypto holdings and gains in their annual filings. The government aims to use the extra revenue to support families, young people, and businesses.

Crypto traders will need to declare any crypto-related gains, including staking rewards, using the "Redditi Persone Fisiche" form (sounds like a social network or a fish dish), and list foreign crypto holdings on the 730 form.

This new approach is a shifty shift in Italy’s stance on cryptocurrency taxation, making it much harder for investors to avoid the taxman. Italy’s move comes hot on the heels of the UK and other nations tightening their grips on crypto regulation.

For Italians… MAMMA MIA 🤌 

TOP 3 IN THE MAINSTREAM 📰

Move over, Ocean’s Eleven. We’ve got six Florida men (because of course) tied to a $230 million crypto heist.

Allegedly, they pulled off the $230M heist and then somehow got tangled up in a Connecticut kidnapping. These guys pretended to be Google and Gemini support, fooled a high-net-worth investor into handing over his Bitcoin stash, and then splurged on luxury cars, designer bags, and international jet-setting.

Their tactic? Classic phishing, with a touch of remote desktop magic. Authorities are on it, and let’s just say these guys are about to be very grounded.

Yea… okay. THAT'S why prices are up 😂 

The fine folks at Yahoo Finance wrote that headline.

Look… it’s great the politicians are all getting involved in crypto, and good or bad: discussion/debate are a prerequisite to progress!

BUT… We all know the Web3 builders have been around well before the politicians and are the major driving force pushing this industry forward (and prices upward) 😉 

The crypto election cycle is nearing its close and historically speaking… green candles like elections.

(But don’t forget how the golden saying goes, Past performance is not indicative of future results)

In the ring: Elizabeth Warren and John Deaton, squaring off in a Massachusetts Senate debate that got spicy over crypto. Deaton, the pro-Bitcoin bulldog, called out Warren for building an "anti-crypto army" while folks can’t afford eggs or gas.

He even threw in a personal touch about how Bitcoin could’ve saved his mom from traditional banks.

His big pitch? Bitcoin's the solution for unbanked and overcharged.Warren, though, doubled down, saying crypto needs to be regulated like banks. She hinted that Deaton’s crypto lovefest might be sponsored by, well... crypto itself. Makes sense 😆 

MEME CITY 🏙️ 

Until next time, Builders! 🏗️ 

Power through that imposter syndrome and do something risky this week 👊