2014-03-26

Deafening Silence

The IRS recently decided to treat Bitcoin as property. Thus, every time you trade Bitcoin, you will be liable for reporting your capital gains or losses. This seemingly obliterates the potential to use Bitcoin as a medium of exchange. I am not close to the Bitcoin issue, but this strikes me as being a very significant event in the world of crypto-currency.

And yet the world of economics blogs is mum on the issue. In the words of Becky Hargrove, the silence is deafening.