If any of those people or businesses are located in the US or similar countries, they're either selling some of that crypto for taxes or just not reporting it.
Once people start receiving the scary and confusing 1099s next year from using Venmo et al. from Bidens new policy, crypto may seem preferable to some people. Pro taxists often underestimate the fear common people have of tax authorities.
Most of these 1099s are going out to people who owe little or no tax on the transactions, such as people who split restaurant bills worth more than $600 over the course of a year.
Transactions in most crypto are even more visible to the state than in normal banking, because they're in an uneditable public database that never loses history.
Crypto tumblers are a thing, and they make the public history unreadable. Bank transactions aren't public, but the government can get access, and stuff like money laundering is easier to detect than with crypto.
I’ll go further. All transactions should be public, especially those by government, all politicians, and anyone in a position of authority over others.
