California proposes a 5% wealth tax on billionaires with net assets over $1 billion to fund healthcare and state assistance programs, drawing opposition from crypto industry executives. Bitwise CEO Hunter Horsley, Castle Island Ventures founding partner Nic Carter, and Kraken co-founder Jesse Powell argue the tax could trigger entrepreneur and capital flight, and that funds may be inefficiently used. The tax partially targets unrealized gains, so billionaires may need to sell stock or business holdings to pay, either as a lump sum or over five years.