Bitcoins Aren’t Currency

The IRS has released a decision about what Bitcoins are: they say virtual currency is property, not money, and will be treated as such.  The upside?  If you make money off Bitcoins, it’s taxed as capital gains, not income.  So, lower tax rate for anybody who actually totals up and claims their Bitcoin profits when they’re converted to dollars.  This is how Al Capone would get sent to Alcatraz in the 21st century.

Comments are closed.