A recent analysis from Cato Institute researcher Nicholas Anthony explains that US tax rules treat Bitcoin as property, meaning every payment is a taxable capital gains event. Even small daily purchases like buying coffee require tracking the purchase price, sale value, and profit or loss, then reporting it on IRS forms. Over time, frequent use can generate more than 70 pages of tax documentation. The report argues this complexity discourages Bitcoin from being used as everyday money and calls for reforms like exemptions or the removal of capital gains tax on small transactions.
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