Whether you like it or not, if you invest in cryptocurrencies and you make some money, the government wants a piece of the pie.
Over this last weekend bitcoin jumped back up over the 9000 mark after being down from last year over 30%. This in part is being blamed on US tax laws. The co founder and head of research Tom Lee, at Fundstrat Global Advisors, estimated U.S. households owed $25 billion in taxes on their cryptocurrency during the rise to $20,000 in 2017.
The IRS views Cryptocurrencies as property and any profits gained from exchanging them are subject to the government taking and lining their pockets with your money.
SO, my question for you...Should cryptocurrencies be taxed by the federal government? and should the IRS have access to Coinbase to check records?