Emily Walker
Roger Ver, commonly known as “Bitcoin Jesus,” is currently embroiled in a significant legal conflict with U.S. authorities. He is charged with tax evasion for allegedly neglecting to pay over $48 million in taxes after profiting from the sale of around $240 million in cryptocurrencies.
Roger Ver’s Timeline
In April of this year, Ver was apprehended in Barcelona during a cryptocurrency conference and is now waiting for a Spanish judge to decide on his extradition to the United States.
Following his arrest, he spent a month in detention before being released on bail, subsequently relocating to Mallorca. Ver has been outspoken against U.S. prosecutors, arguing that their actions stem from his “outspoken political views” and critiques of the government.
In a recent interview with Bloomberg, Ver claimed that he has always intended to follow tax laws, stating, “I instructed all my tax attorneys and preparers, ‘We need to do everything perfectly because I don’t want any problem with the IRS at all.’”
Nonetheless, prosecutors contend that Ver has concealed the full extent of his cryptocurrency assets from the IRS, arguing that he misrepresented the amount and valuation of Bitcoin he owned before renouncing his U.S. citizenship in 2014.
‘Bitcoin Jesus’ Seeks to Avoid Extradition
Ver’s involvement with cryptocurrency commenced in 2011 when he began investing in Bitcoin at prices below $1. His early advocacy played a vital role in promoting the use of digital currency for everyday purchases.
He co-founded Blockchain.com and invested in prominent projects like BitPay and Ripple. However, his career has been marred by controversy, including a previous guilty plea in 2001 for handling explosives without a permit.
In 2014, Ver renounced his U.S. citizenship and became a citizen of St. Kitts and Nevis, a move that carried considerable tax consequences. Expatriates with a net worth exceeding $2 million are required to report their global assets to the IRS and pay an exit tax.
Prosecutors allege that Ver inadequately disclosed his substantial Bitcoin holdings and misled his advisors regarding his assets, contributing to the current tax evasion accusations.
If he is extradited and found guilty, reports from Bloomberg indicate that Ver would be the first individual to face trial exclusively for crypto-related tax charges, which could alter how regulatory bodies address taxation in the realm of digital assets.
While he waits for extradition, Ver remains active in the crypto community in Mallorca, attending events and engaging in dialogues about the future of digital currency. He continues to assert his innocence and the legitimacy of his defense.
Supporters have rallied in his favor, creating a website that advocates for his cause and calls for an end to what they describe as an “unjust prosecution.”
Currently, Bitcoin has soared to a record high of $91,660, marking a substantial increase of 39% over the past month.
Featured image sourced from CNBC, with chart data from TradingView.com.