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Michael Saylor, a Bitcoin maximalist, is being sued for tax fraud.

01-Sep-2022 By: Sudeep Saxena
Michael Saylor, a Bi

Michael Saylor, a proponent of bitcoin, was accused with tax fraud on Wednesday in Washington, DC. According to Karl Racine, the attorney general for Washington, DC, the millionaire never paid any income taxes in the city.

 Saylor had lived in the city for more than ten years, yet he was charged with tax fraud. The lawyer also brought a lawsuit against Microstrategy for allegedly aiding the millionaire in tax evasion.

The CEO and founder of Microstrategy are well known for their ardent support of Bitcoin's potential. Saylor recently predicted that Bitcoin would one day surpass a million users. He emphasised his faith in the asset by claiming that it will reach a million dollars as long as the price of Bitcoin doesn't go to zero. Saylor frequently uses forceful language to emphasise how strongly he believes in Bitcoin and its potential. 129,918 Bitcoin are thought to be held in total by the business. However, the recent steep decline in the price of Bitcoin has caused his company to suffer enormous unrealized losses.

Michael Saylor – Tax Fraud?

According to Attorney General Racine, Microstrategy was also accused of collaborating with Saylor to dodge taxes. Despite living in Washington, DC, the company's creator is legally obligated to pay back hundreds of millions of dollars.

Unique in Its Kind

The action is also the first of its kind in accordance with a legislation that encourages whistleblowers to expose instances of tax cheating. Residents who dodge taxes by misrepresenting their residence are urged to be reported by whistleblowers.

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