The cryptocurrency market is evolving at a rapid pace, all thanks to President Donald Trump for bringing the market into the mainstream spotlight. Before assuming his official duties as the president of the United States, Trump holistically promoted Bitcoin, displaying his true dedication to the digital asset domain. After taking the oath as the official president of the US, Trump did all he could to bolster the cryptocurrency domain by launching a bitcoin reserve and a crypto reserve for the world to take notice. Now, Senator Cynthia Lummis has urged the US Treasury to implement a tax-free digital asset regimen and to promote the crypto market’s bloom to the fullest. If Trump manages to end taxes on the digital asset domain, will Bitcoin soar and touch new highs? Let’s find out.
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Senator Lummis on Removal of Crypto Tax
Senator Cynthia Lummis is again back in mainstream news in a new trending development. Lummis took to X to share a new update, an official post urging the US Treasury to eliminate taxes on crypto companies and corporations. The post also discusses how the US Treasury should abolish taxes on unrealized gains for Bitcoin and crypto for the sector to bloom and promote crypto innovation across the domain.
“Our edge in digital finance is at risk if U.S. companies are taxed more than foreign competitors. Berniemoreno & I urged the @USTreasury to lift an unintended tax burden on U.S. digital asset companies. To lead the world in digital assets, we need a level playing field.⬇️️”
Our edge in digital finance is at risk if U.S. companies are taxed more than foreign competitors. @berniemoreno & I urged the @USTreasury to lift an unintended tax burden on U.S. digital asset companies. To lead the world in digital assets, we need a level playing field.⬇️ pic.twitter.com/V7pwAUqRc4
— Senator Cynthia Lummis (@SenLummis) May 13, 2025
This update is crucial in promoting the holistic development of the digital asset domain. In a recent interview, Trump expressed a strong desire to dominate the crypto sector.
“I want crypto. I think crypto is important because if we don’t do it, China is going to. It’s new, it’s very popular, it’s very hot… Millions of people want it.”
Trump: “I want crypto. I think crypto is important because if we don't do it, China is going to. It’s new, it’s very popular, it’s very hot… Millions of people want it” pic.twitter.com/JpbqIspjKl
— unusual_whales (@unusual_whales) May 10, 2025
What Will The Price Of Bitcoin Be if Trump Eliminates Taxes On Crypto?
If Trump manages to eliminate taxes on crypto as well as ends up promoting a fair crypto innovation approach, the price of BTC is set to score new price spots for sure.
Per ChatGPT, Bitcoin may surge to hit $120K to $150K in a short-term scenario. BTC may surge due to retail FOMO and media frenzy, as well as increased hodling due to the elimination of taxes.
In the medium term (3 to 12 months), BTC may soar to hit $180K to $250K. It may be driven by increased ETF inflows and BTC being viewed as an attractive store of value.
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