The Road Ahead For ‘Bitcoin Jesus’ Roger Ver: Implications Of The $48M Tax Evasion Charges

Roger Ver, often hailed as “Bitcoin Jesus,” is currently at the center of a high-profile legal battle with US authorities. Ver is facing serious tax evasion charges, allegedly failing to pay more than $48 million in taxes after selling approximately $240 million in digital tokens.

The Journey Of Roger Ver 

Ver was arrested in Barcelona in April this year while attending a crypto conference and is awaiting a decision from a Spanish judge on his extradition to the United States. 

As previously reported, Ver spent a month in jail after his arrest before being released on bail and moving to Mallorca. Ver has vehemently criticized US prosecutors, claiming they are targeting him because of his “outspoken political views” and criticism of the government.

In an exclusive interview with Bloomberg, Ver asserted that he had always aimed to comply with tax regulations, 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.’” 

However, prosecutors allege that Ver concealed the extent of his cryptocurrency holdings from the IRS, claiming he misrepresented the number and value of Bitcoin he owned before renouncing his US citizenship in 2014.

‘Bitcoin Jesus’ Awaits Extradition

Ver’s journey in cryptocurrency began in 2011 when he started investing in Bitcoin at under $1. His early advocacy helped popularize the concept of using digital currency for everyday transactions. 

The ‘Bitcoin Jesus’ co-founded Blockchain.com and invested in notable projects like BitPay and Ripple. Yet, his career has not been without controversy as he has faced legal issues in the past, including a guilty plea in 2001 for dealing explosives without a license.

In 2014, Ver renounced his US citizenship, becoming a St. Kitts and Nevis citizen. This decision had significant tax implications, as expatriates with a net worth exceeding $2 million must report their worldwide assets to the IRS and pay an exit tax. 

Prosecutors allege that Ver failed to report his substantial Bitcoin holdings accurately and misled his advisors about the nature of his assets, leading to the current tax evasion charges.

If extradited and convicted, Bloomberg reports that Ver would be the first to face trial solely on crypto-related tax charges, potentially reshaping how authorities approach taxation in the digital asset landscape. 

While awaiting extradition, Ver has continued to engage with the crypto community in Mallorca, attending meetups and participating in discussions about the future of digital currency. He remains vocal about his innocence and insists on the validity of his defense.

Supporters have rallied around Ver, with a website advocating for his cause and calling for an end to what they describe as “unjust prosecution.”

At the time of writing, Bitcoin has reached a new all-time high of $91,660, with a significant increase of 39% in the last 30 days. 

Featured image from CNBC, chart from TradingView.com