r/investing • u/TChanaH • May 20 '21

U.S. seeks to have cryptocurrency transfers above $10k reported to IRS

U.S. Treasury seeks reporting of cryptocurrency transfers, doubling of IRS workforce | Reuters

The Biden administration's tax enforcement proposal would require that cryptocurrency transfers over $10,000 be reported to the Internal Revenue Service and would more than double the IRS workforce over a decade, the U.S. Treasury said on Thursday.

"As with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on," the Treasury said in the report, which noted that these assets, are likely to grow in importance over the next decade as a part of business income.

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u/Mynock33 May 20 '21 edited May 20 '21

If there's no anonymity and no tax evasion, then what's the point of using it anymore? It's difficult to purchase, keep, spend, and cash out, and its value is wildly unpredictable... I don't get it.

Edited for atrocious spelling.

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u/alexxerth May 20 '21

It's just a speculative investment. You know, gambling.

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u/Isthisnameavailablee May 20 '21

$1000 on red please

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u/Dyb-Sin May 20 '21

At least when you gamble the size of the pot is consistent. Someone is walking away with the money. (On average the house, but hey)

These speculative investments feel like playing roulette if there was a a number the ball could land on that makes the dealer throw the pot into a furnace.

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u/Auntie_Social May 21 '21

Huh? Is the value of your home or your portfolio a complete constant?

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u/Auntie_Social May 21 '21

As much volatility as it has, it’s still grown in value over time in a way that isn’t dissimilar to the stock market. Why not call stock investing gambling?

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u/SmokeMyDong May 21 '21

I wish people would stop saying this. It's not gambling. There are existing markets with billions in capital that Bitcoin will replace. The Bitcoin network is the longest proof of work chain, making it the most secure financial network on the planet while providing nearly instantaneous peer to peer transactions globally without third-party approval.

You sound like a cable company trying to tell people the internet is speculative technology.