Right after my last post, the IRS issued new guidance on how to report capital gains on Bitcoin and other digital currency. Right after I predicted that they wouldn’t.
The absolute worst part of this is that if you buy $3 of Bitcoin, it becomes worth $4 and you use it to buy a coffee, you will be legally obligated to report and pay capital gains on that transaction.
You should probably take this as a sign that Bitcoin and other digital currencies are not a passing fad.
I’m still standing by the “highly speculative” advice.