UNREALIZED GAINS TAX SIGNALS BEGINNING OF THE END FOR THE FIAT EXPERIMENT They’ve run out of road. For decades, developed countries played the same simple game. Steal 2% of purchasing power a year via currency debasement, kick the can, and hide the rot under a mountain of cheap credit. But as of this morning, the US national debt is sitting close to $39 trillion. We are adding a billion dollars in debt every few hours. And now the math is forcing the debt to become predatory as it approaches the exponential knee in the chart. In other words, the debt has entered its terminal phase and governments are coming for the only resource they have left: You. This week, the Netherlands showed us exactly what the future looks like in the form of unrealized gains taxation. A 36% tax on paper gains you haven’t even cashed out to enjoy. Let's look at the math. If your Bitcoin goes from $70,000 to $100,000 on paper, even if you never sell a single sat, you owe the government over $10,000. You are forced to liquidate part of your position just to pay for the 'privilege' of holding an asset that outperformed their failing currency. And if the market crashes before the bill is due? Too bad. The tax is locked in at the earlier valuation. You can turn a real gain into a net loss and permanently lose a chunk of your stack. ...