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Elon Musk, a renowned tech entrepreneur, has published a post that jestingly addresses the U.S. Internal Revenue Service (IRS) about taxing crypto.
The X post garnered considerable attention from the cryptocurrency community, triggering reactions and hope that Musk could somehow impact U.S. crypto taxation.
The post also contains an image of the popular Internet meme Pepe the Frog, which inspired an anonymous team to create the meme cryptocurrency PEPE in April 2023.
Musk's Pepe the Frog crypto tax post
The X owner reposted a tweet, which jokingly addresses the IRS, saying that an investor bought $7,000 worth of an unnamed cryptocurrency and staked it for half a year to earn 6,900% interest. Then, the retweeted post continued, the profits were sold and used for purchasing NFTs. But the developers rugged the investors of that NFT project. The question (and also the request) to the IRS is whether that crypto investor could “deduct the gas fees for the minting and balance out of the short-term capital gains taxes” from the initial crypto investment mentioned in the post.
Musk commented on that X post, using a “face with tears of joy” emoji. This seemingly funny X post triggered a wave of comments as the crypto community shared their take on IRS taxing cryptocurrencies, particularly produced by companies headquartered in the U.S.
Many users asked Musk to interfere and have crypto taxation in the U.S. removed or at least softened. “Elon, please fix this!” Some users pointed out that the post retweeted by Musk references “obscure, comically named crypto assets” and “obviously hyperbolic and unrealistic” staking returns of 6,900% “meant to add to the absurdity.”
Elon Musk removes his "Kek" X pseudonym
On Dec. 31, the world’s richest man Elon Musk stunned the crypto and X community by changing his X name to “Kekius Maximus,” which is a mixture of references to Pepe the Frog meme and the main character of the Gladiator movie released in 2000 and mentioned in the sequel released in November.
Musk also changed his avatar to Pepe the Frog dressed in Roman armor and cloak to look like a Roman general (Maximus), which pushed the PEPE price 12% up on that day. On Jan. 1, Musk changed his X profile picture and name back to what it had been before.
U.Today Editorial Team
Dan Burgin
