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Michael Saylor's tax fraud divides the cryptocurrency community.

02 Sep 2022 By: Shikha Jha
Michael Saylor's tax

Michael Saylor, the company's founder and CEO, was accused of tax 

Fraud by the District of Columbia. The bitcoin maximalist has lived in the District of Columbia for more than ten years, but according to DC Attorney General Karl A. Racine, he has never paid any income taxes.

The crypto community is divided by Saylor's lawsuit. While some think Saylor committed a crime, others think it was just another step in the government's ongoing crusade against cryptocurrency users and holders.

What Drives DC to Sue Michael Saylor?

The Bitcoin maximalist is charged with dodging taxes to the tune of almost $25 million. Saylor claimed to reside in the state of Florida, according to Racine. There are no state income taxes in Florida. However, the lawsuit claims that Saylor had a number of homes in the District of Columbia.

It's significant to note that Saylor's business, Microstrategy, is a defendant as well. The lawsuit claims that Microstrategy had knowledge indicating Saylor lived in the District of Columbia. They wouldn't, though, divulge the details. Saylor also asserted in the lawsuit that she resided in Virginia. However, he has referred to his residences in DC as his home in a number of his social media posts.

Split Views Regarding Saylor Lawsuit

In the business, Michael Saylor has long been a contentious character. Being a Bitcoin maximalist, he frequently held radical opinions about the state of cryptocurrencies. It follows that the claim of tax fraud against him is also a contentious subject.

The co-host of the Inside Bitcoin podcast, Neil Jacobs, thinks that Saylor has carefully preserved material on his time in Florida. He sees this as the government's ongoing campaign against cryptocurrency and Bitcoiners.

On the other hand, prominent cryptocurrency influencer and trader Clark thinks his opinion of Saylor has altered as a result of the case. He doesn't think he'll be involved in the future of cryptocurrency.