I love how he’s kicking down the door. So true, why do they only focus on the current USD valuations..
Well the same reason newspapers only really talk about bad news, it’s what sells the most. I could make a joke about crypto also selling the most, but I don’t want to hit a sensitive nerve for anyone watching. My market update wouldn’t be much fun.
Moving quickly along..
Who is the CEO of Bitcoin? Thanks Google.
Congress is looking to update cryptocurrency guidelines: http://www.kahntaxlaw.com/congress-launching-bills-to-update-crypto-currency-tax-guidelines/ Updated guidelines on how taxpayers should report profits associated with investing in crypto currency. Profits? We need to know how to report losses at this stage. Oh, and I keep getting messages about when I’m posting my year long hodl experiment results, end of the year. FYI, it’s not going well right now.
Anyway, here are all the taxable events they are proposing, and it’s exactly what you’d think. Everything.
It’s so bad many people including myself need to hold their crypto trades to only what’s most necessary. Which could lead to less income being generated so less tax being paid, but the system is so complicated currently.
One thing is for sure, they will be faster sorting out how to tax you from crypto than getting a Bitcoin ETF up and running.
C'est la vie