Lee kun-Hee, the billionaire founder of the largest South Korean conglomerate Samsung will be fined for possession of billions of dollars on more than 200 offshore Bank accounts for the purpose of evasion from payment of taxes.
The advantage of bitcoin
Local news media JTBC said that If withdrawal of funds from hundreds of offshore Bank accounts he owned before 2011. The defendant, of course, was not informed about these transactions the government of South Korea and the National tax service.
Samsung founder Lee Kun Hee’s 200 offshore banking accounts discovered. Government will tax + fine those accounts containing many billions of dollars.What is #Bitcoin good for? privacy + financial freedom. Penetrating into the $40 trillion offshore banking market. pic.twitter.com/ooX1lfh0KP— Joseph Young (@iamjosephyoung) 27 grudnia 2017 R.
“Found 200 offshore Bank accounts of the founder of the Samsung Lee kun Hee. The government will tax and fine these account for billions of dollars. If this bitcoin? Privacy and financial freedom. Penetration into the offshore banking market is $40 trillion”.
Earlier this year, billionaire Prince al-Waleed bin Talal al-Saud was also accused by the government of Saudi Arabia to several crimes, including corruption, money laundering and tax evasion. The Prince was zakljucnem under house arrest.
The government of Saudi Arabia Talal was forced to transfer most of its profits in the amount of $7 billion to the government as payment for freedom.
This could have been avoided if his wealth was parevano in a decentralized currency.
Max Keiser, a financial analyst for RT, criticized Prince Talal to bitcoin, who called it bubble and “Enron in the making”.
“Talal argued that bitcoin is not suitable as there is no Central government and the Central Bank. And here in a week, the Central Bank and the Central government confiscated all his assets. If he kept them in bitcoins, this problem could have been avoided. Here is a good example of why you need to buy bitcoin. Doubters in buying bitcoins is to look at Talala, sleeping on a mattress rich hotel under house arrest.”
The head and co-founder of the cryptocurrency hedge Fund Blocktower Ari Paul explained that bitcoin is able to handle offshore banking is better than dominating in this sector of the financial institution. Paul noted that the Bank executives, including the CEO of JPMorgan Jamie diamond, consider bitcoin a threat because of its potential to penetrate the global offshore banking industry, standing $40 trillion.
As a decentralized currency and asset values, bitcoin offers some financial freedom, independence, interchangeability, privacy and mobility. Such benefits are not able to compete offshore banking system because of its dependence on intermediaries and third party service providers.
Thus, the demand for bitcoin in the traditional financial market is growing, particularly from institutional and retail investors.
The key to the multi-trillion market capitalization
Most analysts believe the price of bitcoin exceed $50,000 and potentially up to $100 000. Such a scenario is possible, if bitcoin gets to $8 trillion gold market, which remains the world’s main asset and value.
However, the global offshore banking market by market capitalization exceeds more than five times the world gold market. Many experts believe that the offshore banking market, the main competitor of bitcoin.