Austin Woodward, CEO of TaxBit: How to Save Money on Your Crypto Taxes

The Pomp Podcast

Anthony Pompliano

Business, Investing

4.8 • 1.9K Ratings

🗓️ 14 January 2020

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

TaxBit is a cryptocurrency tax calculation and withholding service that serves investors, exchanges, and payment services. In this conversation, Austin and Anthony discuss the current complexities in crypto tax treatment, what the most common mistakes people make are, the basic information every crypto investor needs to know, what is like building a company outside of Silicon Valley, the current fundraising environment in crypto, and how TaxBit plans to take the industry by storm. BLOCKFI-----BlockFi allows you to keep your crypto, put it up as collateral, and receive a USD loan funded directly to your bank account. They do loans ranging from $2,000 to $10,000,000, and they're perfect for helping you reach your financial goals of all sizes. Visit BlockFi.com/Pomp to learn more about putting your crypto to work without having to sell it. UNSTOPPABLE DOMAINS-----Make your crypto currency payments simple and build censorship resistant websites. Visit unstoppabledomains.com and purchase your blockchain domains today! ETORO-----This episode of Off the Chain is sponsored by eToro, the smartest crypto trading platform, and one of the largest in the world. Join 11 million other traders and create an account at etoro.com and build your crypto portfolio the smart way.

Transcript

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0:00.0	What's up, everyone? This is Anthony Pompliano. Most of you know me as Pomp. You're listening to Off the Chain, simply the best podcasting Crypto. Let's kick this thing off.
0:08.5	My guest today is Austin Woodward, the co-founder and CEO Tax Bit, a cryptocurrency tax calculation and withholding service that serves investors, exchanges, and payment services.
0:18.8	In this episode, we talked about the current complexities in
0:21.7	crypto tax treatment, what the most common mistakes people make are, the basic information
0:26.4	every crypto investor needs to know, what it is like building a company outside Silicon Valley,
0:31.6	the current fundraising environment in crypto, and how tax bit plans to take the industry by
0:35.7	storm. This was an awesome episode, and I highly recommend listening.
0:39.8	Before we get started, though, I want to also cover the three advertisers that made this episode possible.
0:44.8	The first is BlockFi.
0:47.1	You guys know how much I love the company.
0:49.1	We invested.
0:50.3	If Bitcoin and other cryptocurrencies have any chance of ever become in the next global reserve currency,
0:54.7	we're going to need a lot of infrastructure and wealth management services built. It's exactly what BlockFi is doing.
0:59.2	As many of you know, I'm such a big fan, we invested, and I'm also a user. Today, they offer three products.
1:05.6	The first is giving US dollar loans against your crypto as collateral. The second is an interest-bearing account for your crypto deposits.
1:14.9	And the third is allowing you to buy or trade cryptocurrencies. These three products are important helping people do more with their Bitcoin, Ethereum, G-USD, etc. If you don't
1:20.3	want to sell your crypto, but you need U.S. dollar liquidity, BlockFi can give you a loan.
1:24.2	Or maybe you're a long-term holder like me, but you want to earn some interest on your assets. Obviously, rates vary, but right now BlockFi is paying 6.2% APY on Bitcoin and 8.6%
1:33.1	APY on GUSD deposits. Unheard of interest rates in the legacy fiat world. Go crypto. As if these
1:39.5	three products weren't enough, BlockFi also recently told their users, they're coming out with a
1:42.8	credit card in 2020 that pays rewards in Bitcoin rather than cashback or loyalty points. Bitcoin rewards credit card
1:48.9	not only sounds dope, but you help more people earn Bitcoin for the everyday purchases too.
	...

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