During Ethereum’s big rally last month, when the price of a single coin went from $220 to just shy of $400 in the span of two weeks, one trader turned $55 million of paper wealth into more than $398 million. And nobody knows who they are, or – more importantly – who to tax.
As Bloomberg so astutely observes, the growing number of wealthy crypto investors is starting to infuriate regulators, who are now calling for more transparency in the cryptocurrency market. Specifically, they’re arguing that it’s time for cryptocurrency wallets to include information that might help identify users. Otherwise – they say – the continued association with criminality – cemented by the Dread Pirate Roberts’s life sentence – could start to impact the crypto-asset market which now has an aggregate valuation approaching McDonald’s Corp.