Supreme Court Tax Burden Makes Danish Bitcoiners Unhappy

Not the News You Want to Hear

It was the news that nobody was expecting: the Danish Supreme Court has ruled that bitcoin investors must pay taxes on their investments! That’s right – all of those Danish digital currency investors out there will now be faced with a hefty tax burden.

When Life Gives You Lemons….

It can be hard to stay positive when faced with unexpected tax obligations. But, don’t despair! Bitcoin investors in Denmark can do a few things to help soften the blow.

Tips for Now

  • Negotiate: If you hold multiple cryptocurrencies, it’s worth trying to negotiate with the IRS. They might be willing to waive some of the taxes in certain cases.
  • Spend Bitcoin: Sure, bitcoin prices have been down lately, but that doesn’t mean you should stay away from your holdings. You may be able to reduce your taxable income by spending your bitcoin on goods and services.
  • Diversify: If you’re feeling overwhelmed by the new tax burden, then diversifying into other altcoins might help you spread out the taxes a bit more.
  • Take Breaks: The best thing you can do for yourself is take a break from monitoring the markets and just relax – it won’t help your bottom line anyway!

Making the Best of a Bad Situation

Nobody likes paying too much in taxes, but at least the Danish Supreme Court has given bitcoin investors some clarity. Now, it’s up to them to find ways to minimize their tax burden and make the best of a difficult situation.