Blocks away from the Tel Aviv Stock Exchange and the headquarters of two major banks, in the corner of the lobby of a boutique hotel, Nimrod Gruber sticks his hand into an ATM. A few seconds later, a QR code prints out. Gruber takes the slip of paper and walks away, no cash in hand. […]
Press Release From the U.S. Marshals: The U.S. Marshals are preparing to auction nearly 30,000 bitcoins in connection with a civil forfeiture and criminal action brought against Ross Ulbricht and the assets of Silk Road in October 2013 in federal court in the Southern District of New York. The auction will take place during a […]
According to some strategists, bitcoin’s increasingly appealing status as a means of payment and store of value make it an attractive new alternative to gold. “Many hard-currency loyalists who sought refuge to the safety of gold out of protest against central banks’ erosion of currency value are now fleeing to bitcoin,” Ashraf Laidi wrote in […]
Getty Images In the last year, the price of bitcoin has surged fivefold. Over the same period, the price of gold, the other favorite anti-currency, slipped nearly 10 percent. In the last month alone, bitcoin’s price is up more than 40 percent; gold is down more than 2 percent. While bitcoin’s moves have certainly been […]
A new essay from the CEO of the International Federation of Accountants, an organization that boasts more than 2.5 million accountants and 179 member-organizations among its ranks, suggests that there is a growing belief in the industry that bitcoin technology could revolutionize fiscal and corporate governance. The article, penned by IFAC CEO Fayez Choudhury, posits […]
Taxpayers don’t have to report Bitcoin on the FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), for the current filing season, an Internal Revenue Service official said. Rod Lundquist, a senior program analyst for the Small Business/Self-Employed Division, cautioned June 4 that could change in the future as the IRS continues to […]
The IRS guidance isn’t actually that complicated, but the record-keeping it makes necessary is. You have to keep track of how expensive your Bitcoin is when acquired — whether you bought it or “mined” it by making your computer a slave to the Bitcoin network — and then declare capital gains or losses based on […]
Atlanta-based Bitcoin services company BitPay is said to be raising a massive Series A — which one source estimates at $30 million.The investment suggests Bitcoin remains a hot investment market despite volatility in the digital currency. The fledgeling currency’s price has nosedived to about $450 from a peak of about $1,200 in December. BitPay develops […]
Despite dubious beginnings, disruptive innovation has to come from somewhere and this also applies to Bitcoin mining and exchanges. The doubt surrounding Bitcoin has been fueled by its sudden burst on to the global financial scene. Its bad reputation has also come from infamous examples pulled from the shady underworld of The Dark Net where […]
On Tuesday, the IRS issued tax rules regarding the virtual currency. Bitcoins are now classified as a capital asset (except when held as inventory mainly for sale to customers), and not as a foreign currency. The IRS also considers “stocks, bonds, and other investment property” to be capital assets. The Bitcoin bulletin (PDF) has a […]