Cryptocurrency investor Jordan Smalls, 23 of Thousand Oaks, California, is walking back his comments on removing himself from the United States tax system.
In late 2020, Smalls vowed that he would “never participate in the corrupt tax system again,” after gaining 500% on Bitcoin investments. However, Smalls appeared to change course last month. According to sources, he filled out a quarterly income tax return in which he claimed a tax credit due to his short term capital losses from Bitcoin trading.
“I just think that since I lost some money, I shouldn’t have to pay all those taxes,” said Smalls. “Amazon makes a ton of money and they don’t even pay anything in federal income. Why should I after losing like 50% of my money?”
According to sources familiar with the matter, Smalls initially concealed his cryptocurrency holdings in a wallet that the “US government would not know about”, but wrote off the losses from that very same wallet.