A Forbes article today has suggested that increasing pressure on immigration issues in the United States as the Trump administration prepares for a re-election campaign, could lead to more people, including residents in the USA, to consider Bitcoin as an alternative for sending money across borders.
Next year, President Trump will seek a second term as president of the world’s largest economy, and will be pulling out all the stops to ensure he rouses populist support, just as he did in his first election campaign.
Currently high on his agenda will be a remittance tax imposed on people living and working in the US illegally, sending money abroad. White House spokesman Hogan Gidley told the Associated Press that targeting remittances was a possibility.
“It is a top priority for the administration, as has been for two years, to reduce overstay rates for visas and the visa waiver program — and it’s well known that the administration is working to ensure faithful implementation of immigration welfare rules to protect American taxpayers.”
However, with many naturalized Americans as well as legally employed immigrants also sending money home to families living outside, it could be that they may opt to use a currency that is less monitored than traditional remittance. In which case, Bitcoin fits the bill.
In fact, over the last week, several South and Central American countries have already been reporting new highs in Bitcoin trading volume, according to Coin Dance. Bitcoinist also reported that Bitcoin trading volumes on peer-to-peer exchange platforms such as Localbitcoins, Paxful, and Bisq have shown a spike in countries like Mexico and Venezuela ever since the news of Trump’s remittance tax first surfaced. Mexico alone set a new record, with half a million dollars moving hands in the last week on Localbitcoins.
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