The price of bitcoin doubled in 2016 and finished 2017 at an astonishing 1600% increase. The price fell to a mere 684% increase in 2018, but anyone who bought bitcoin in 2015 is still reaping incredible gains. The financial upside may compensate for having to explain why, in 2015, you owned the currency used for drugs, sex trafficking and international money laundering.
In 2013, I worked with two startup companies that were using blockchain tech to solve complex, global issues. I was convinced then, as I am today, that this technology may fundamentally change finance, fiscal policies, law and governance. Until federal tax and securities regulatory oversight catches up, accountants will be dealing with unsettled issues affecting their clients – and yes, some of may be criminal issues.
David W. Klasing, CPA, Esq explains more in @CalCPA’s “Cryptocurrency Taxation 101” (June 27, 2018)
Photo by Dmitry Demidko on Unsplash