As Bitcoin breaches fresh all-time highs, compliance with the tax authorities becomes a confusing, yet key, priority for anyone booking profits.
The Tax Man Cometh
With Bitcoin having broken the $10,000-mark yesterday and currently sitting just shy of that level as of the start of play on Thursday, many holders will be considering cashing out some of their portfolios and converting it to fiat so as to book profits on their longer-term coins.
Sure, the longer term hodlers will denounce the necessity to cash out but in reality, bills can’t be paid in crypto just yet (well, for the most part) and there is no shame in taking a few percentage points (or more) off the top of any holdings to mitigate risk a little bit.
Indeed, as we learned last week, even Charlie Shrem holds just one-third of his net worth in cryptocurrency.
One of the major concerns when converting crypto to fiat, of course, is tax liability. For most people in most parts of the world, there exists considerable confusion surrounding what’s owed and to who and at what levels.
And interestingly, this confusion is not just limited to individual …
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