For the less informed: Bitcoin is not a legal tender - has never been. It is regarded by IRS as "property":
https://www.irs.gov/irb/2014-16_IRB#NOT-2014-21
SECTION 4. FREQUENTLY ASKED QUESTIONS
Q–1: How is virtual currency treated for federal tax purposes?
A–1: For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.
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Bitcoin’s ‘One Percent’ Controls Lion’s Share of the Cryptocurrency’s Wealth
New research shows that just 0.01% of bitcoin holders controls 27% of the currency in circulation
https://www.wsj.com/articles/bitcoi...lth-11639996204?mod=lead_feature_below_a_pos1
.....
The ramifications of that centralization are mainly twofold, the paper argues. First, it makes the entire bitcoin network more susceptible to systemic risk. Second, it means the majority of the gains from the rising price and increased adoption go to a disproportionately small group of investors.
“Despite having been around for 14 years and the hype it has ratcheted up, it’s still the case that it’s a very concentrated ecosystem,” Ms. Schoar said about Bitcoin.
And yes, BTC is the most easily manipulated market...ask the 0.01% holders....;=)
https://www.irs.gov/irb/2014-16_IRB#NOT-2014-21
SECTION 4. FREQUENTLY ASKED QUESTIONS
Q–1: How is virtual currency treated for federal tax purposes?
A–1: For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.
_______________________________________________________________________
Bitcoin’s ‘One Percent’ Controls Lion’s Share of the Cryptocurrency’s Wealth
New research shows that just 0.01% of bitcoin holders controls 27% of the currency in circulation
https://www.wsj.com/articles/bitcoi...lth-11639996204?mod=lead_feature_below_a_pos1
.....
The ramifications of that centralization are mainly twofold, the paper argues. First, it makes the entire bitcoin network more susceptible to systemic risk. Second, it means the majority of the gains from the rising price and increased adoption go to a disproportionately small group of investors.
“Despite having been around for 14 years and the hype it has ratcheted up, it’s still the case that it’s a very concentrated ecosystem,” Ms. Schoar said about Bitcoin.
And yes, BTC is the most easily manipulated market...ask the 0.01% holders....;=)
