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The IRS is fully aware of the tax avoidance potential of virtual currency and has now deployed its increasing artificial intelligence capabilities to analyze the information obtained from the Coinbase summons and other information it has gathered about the cryptocurrency reporting of U.S. taxpayers.
April 08, 2020 at 11:30 AM
1 minute read
Cryptocurrency’s growing value and popularity as a medium of exchange has not gone unnoticed.
A Fundstrat Global Advisors study has estimated that approximately 30% of the world’s cryptocurrency is held by U.S. persons and, in 2017, the market value of all cryptocurrencies increased by almost $500 million with Bitcoin (which was valued at $67/coin in 2013) topping out at over $20,000/coin.
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