California might be shaking things up for its ultra-wealthy residents. There's a ballot initiative floating around for 2026 that proposes a one-time 5% wealth tax targeting billionaires. If it goes through, this could set a wild precedent—not just for California, but potentially spark similar moves nationwide. For crypto moguls sitting on massive unrealized gains, this could mean serious implications. Imagine having to liquidate positions just to cover a tax bill based on net worth rather than income. The debate's heating up: is this economic justice or capital flight waiting to happen? Either way, those with nine-figure portfolios should probably keep this on their radar.