Bitcoin (BTC) is marginally down over the past 24 hours, hovering around the $108,000 mark. The flagship cryptocurrency reached an intraday high of $110,498 but quickly lost momentum after sellers overwhelmed buyers at higher levels. As a result, the price briefly fell below $108,000 before consolidating around current levels. Analysts believe bullish sentiment could return next week and BTC could retest the $110,000-$111,000 levels. Taxing Bitcoin Does Not Make Sense: Miller Value Partners Miller Value Partners' Chief Investment Officer, Bill Miller IV, believes the government has no right to tax Bitcoin because managing ownership rights does not require administrative efforts. Miller, known for his early advocacy of Bitcoin , stated that the flagship cryptocurrency does not require government infrastructure to verify or enforce property rights, unlike traditional assets such as real estate. Miller stated during a podcast, “For them to reach their hand in there doesn’t make a ton of sense. When you buy or sell a house, all that recordation tax, all those taxes go toward keeping track of who owns what. The reality is that if you think about why you pay taxes in society, it is to enforce property rights.” He added, “The government didn’t create Bitcoin, so that is an important point to keep in mind. The blockchain does that property automation for itself, right?” Miller also believes traditional asset managers face hurdles when buying Bitcoin due to the uncertainty around taxation. “Even as fund managers, we still have huge impediments to actually buying it because taxation rules around bad income if we buy ETFs and sell them at the wrong time, so that all needs to be worked out.” New Bitcoin Treasury Firms Could Struggle A crypto analyst has sounded an alarm over the Bitcoin treasury strategy, stating that newer firms could face significant challenges. The analysts stated that the strategy may not have the longevity many expect, warning that easy upside may already be behind new companies that have recently pivoted towards a Bitcoin treasury. The analyst stated, “My instinct is that the Bitcoin treasury strategy has a far shorter lifespan than most expect. For many new entrants, it could already be over.” According to the analyst, it's already an uphill battle for new Bitcoin treasury companies who are struggling to establish themselves as investors prefer early adopters. “Nobody wants the 50th Treasury company. I think we’re already close to the ‘show me’ phase, where it will be increasingly difficult for random company X to sustain a premium and get off the ground without a serious niche.” Analysts believe that some companies are employing a Bitcoin treasury strategy to generate a quick profit without fully understanding its long-term implications or the purpose behind it. “Many of the folks raising just see easy money and have no idea what they’re doing. I think it’ll take them some time to figure out. The weak ones might be acquired at a discount by the strong ones, and the trend could still have a few more legs in it.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) price action has remained subdued over the holiday weekend. The flagship cryptocurrency encountered considerable volatility over the week, dropping to a low of $105,328 on Tuesday. The price recovered on Wednesday to reclaim $108,000 and briefly crossed $110,000 on Thursday before losing momentum. BTC’s current range extends from $98,000 to $110,000. Analysts believe bullish sentiment could return once markets open, potentially pushing the price to a new all-time high. BTC started the previous week on a bullish note, rising over 4% to reclaim $105,000 and settle at $105,443. The price continued to push higher on Tuesday, crossing $106,000 and settling at $106,137. Buyers retained control on Wednesday as BTC crossed $107,000 and settled at $107,397. Despite the positive sentiment, it lost momentum on Thursday, registering a marginal decline below $107,000 to settle at $106,980. BTC recovered over the weekend, registering marginal increases on Friday and Saturday to reclaim $107,000 and settle at $107,339. Bullish sentiment intensified on Sunday as the price rose almost 1% to cross $108,000 and settle at $108,350. Source: TradingView Despite the positive momentum, BTC dropped over 1% on Monday, slipping below $108,000 and settling at $107,167. Sellers retained control on Tuesday as the price fell 1.33% to $105,742. Bullish sentiment returned on Wednesday as BTC rallied, rising nearly 3% to cross $108,000 and settle at $108,845. Buyers retained control on Thursday as the flagship cryptocurrency reached an intraday high of $110,583 before settling at $109,650, ultimately registering a 0.74% rise. BTC lost momentum on Friday as sellers overwhelmed buyers. As a result, the price fell 1.42% to $108,097. BTC registered a marginal increase on Saturday but is back in the red during the ongoing session, trading around $108,145 as sellers look to drive the price below $108,000. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
