31 Mar '14, 1am

Bitcoin Slips In The Wake Of The IRS’s Tax Decision

Earlier this week, the IRS decided that Bitcoin is property, not currency , setting in place a regulatory structure that could see users of the cryptocurrency forced to keep price score in a rapidly shifting market. Bitcoin had a rough time of it last week, as GigaOm reported , losing around 17% of its value. Part of that was tied to a rumor regarding Bitcoin in China, and part, I think due to the IRS’s decision. Prices have continued to slip through the weekend . Here’s a one month chart of Bitcoin , tracing four major exchanges: What gives? If you are forced to treat Bitcoin as a property, you must take capital gains into account whenever you make a purchase (transaction) with the stuff. I can’t improve on Bloomberg’s take on the situation: Purchasing a $2 cup of coffee with Bitcoins bought for $1 would trigger $1 in capital gains for the coffee drinker and $2 of gross i...

Full article: http://techcrunch.com/2014/03/30/bitcoin-slips-in-the-wak...

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techcrunch.com 31 Mar '14, 1am

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