I fully agree, but I think we have to realize the strength of the institutional guard-rails against this happening.
Right now, AFAIK, the legal status is that you have to account for capital gains on *everything* you purchase with Bitcoin in the USA. $4 cup of coffee, $10 beer, whatever. Come Tax Time, it's your obligation to break out the spreadsheet and calculate FIFO/LIFO basis on *every single purchase*, separately.
So if this is what they require for a cup of coffee, how easy do you think they'd make it for employers to pay people in Bitcoin?
This goes to the heart of the US taxation regime -- the withholding tax, one of the most sinister forms of taxation. Rather than present you with a bill for what you owe, they just take it right out of your paycheck. How would that regime work with Bitcoin?
Globe99
npub147…paq44
2025-04-02 00:42:50
in reply to nevent1q…d3sr
Author Public Key
npub147fp2j606qpfysp38phhzvempt7ewsdqwm6uww9uycp6tdvavu0s5paq44Published at
2025-04-02 00:42:50Event JSON
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"created_at": 1743554570,
"kind": 1,
"tags": [
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[
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[
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"content": "I fully agree, but I think we have to realize the strength of the institutional guard-rails against this happening.\n\nRight now, AFAIK, the legal status is that you have to account for capital gains on *everything* you purchase with Bitcoin in the USA. $4 cup of coffee, $10 beer, whatever. Come Tax Time, it's your obligation to break out the spreadsheet and calculate FIFO/LIFO basis on *every single purchase*, separately.\n\nSo if this is what they require for a cup of coffee, how easy do you think they'd make it for employers to pay people in Bitcoin? \n\nThis goes to the heart of the US taxation regime -- the withholding tax, one of the most sinister forms of taxation. Rather than present you with a bill for what you owe, they just take it right out of your paycheck. How would that regime work with Bitcoin?",
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}