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Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Nifty Gateway Shuts Down: Nifty Gateway will close on February 23, 2026, after failing to recover from the NFT market downturn. Users have 30 days to withdraw assets as Gemini exits curated NFT marketplaces.

2. Taxes Block Bitcoin Spending: U.S. tax rules treating Bitcoin as property make everyday spending impractical due to capital gains tracking. A proposed bill would exempt small transactions under $300, aiming to boost adoption.

3. Penguin Token Goes Viral: Solana memecoin PENGUIN surged 564% after a White House post featured a penguin image. Its market cap jumped from $387K to $136M in a day, driven purely by hype.

4. 💡Feature of the Day - Dutch Unrealized Gains Tax: The Netherlands plans to tax unrealized gains on stocks, bonds, and crypto to close a €2.3B revenue gap. Critics warn it could spark capital flight and force asset sales to pay taxes.

   
   All this and more in today’s headlines!

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📰 News Highlights:

Nifty Gateway Shuts [Source][Source]

Nifty Gateway will officially close on February 23, 2026, after years of struggling in a post-NFT-boom market. The platform is now in withdrawal-only mode, giving users 30 days to move NFTs and funds to Gemini or external wallets.

Once a kingmaker of the 2020–2021 NFT gold rush, Nifty made it easy for anyone to buy digital art with a credit card. That accessibility fueled $300 million in sales and helped launch creators like Beeple into the mainstream.

Despite a 2024 rebrand as “Nifty Gateway Studio” and a pivot toward high-end infrastructure and brand deals, user interest never fully returned. Parent company Gemini is now shutting the unit to focus on a broader crypto “super app.” The timing is ironic, as the NFT market recently saw a 20% market cap rebound above $3 billion. Still, Gemini appears ready to leave curated NFT marketplaces behind and streamline its product lineup.

Tax Blocks Bitcoin [Source][Source][Source]

Industry voices say U.S. tax policy, not slow tech, is the real barrier to Bitcoin becoming everyday money. Because Bitcoin is treated as property, every small purchase triggers a taxable event, forcing users to track capital gains on things like coffee or lunch.

Experts argue that without a small-transaction tax exemption, mass adoption is unrealistic. Even with fast Layer-2 tools like Lightning, the tax paperwork makes spending BTC more trouble than it’s worth.

Hope now rests on a bill from Senator Cynthia Lummis that would exempt transactions under $300, with a $5,000 annual cap. Supporters say this would finally make Bitcoin usable for retail payments.

Critics are pushing back against proposals to limit exemptions to stablecoins, calling it a betrayal of Bitcoin’s original purpose. Until the tax leash is loosened, Bitcoin is likely to remain a store of value rather than true everyday money.

Penguin Token Surges [Source][Source][Source][Source]

The Solana-based memecoin Nietzschean Penguin (PENGUIN) exploded 564% after a White House post featured an AI image of a penguin. What started as a cryptic political metaphor was interpreted by traders as a bullish “signal.”

The token’s market cap jumped from $387,000 to over $136 million in a day, with $244 million in trading volume. It’s a reminder of how quickly hype can turn a micro-cap token into a viral sensation.

The rally also reflects a broader memecoin comeback, with the sector’s total market cap rising 23% in January 2026. Analysts say risk appetite is returning as social chatter and retail interest surge, especially on Solana.

Still, PENGUIN has no real utility, making its price entirely attention-driven. If the penguin narrative fades, the token could fall just as fast as it rose.

💡 Feature of the Day: 

Dutch Tax Backlash [Source][Source][Source]

The Netherlands is moving forward with plans to tax unrealized gains on stocks, bonds, and crypto under a revamped Box 3 regime. That means investors would owe taxes on “paper profits” even if they haven’t sold their assets.

The proposal follows court rulings that struck down the old assumed-return model and aims to avoid a projected €2.3 billion annual revenue shortfall. Lawmakers backing the bill argue it’s simpler to administer and more accurate.

Critics warn the policy could trigger capital flight and force investors to sell assets just to pay taxes on gains they haven’t locked in. The plan also creates friction by taxing liquid assets annually while allowing real estate investors to defer taxes until profits are realized.

Crypto analysts have called the move “insane” and fear a brain drain to friendlier jurisdictions like Dubai or Portugal. As debate continues, the Netherlands risks becoming a test case for taxing unrealized crypto gains.

😂 Crypto Meme of the Day: 

Meme of the day provided by @randomcomicman

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com