Bitcoin may have piqued in terms of value and public interest in 2017, but the cryptocurrency has been far less popular this tax season. According to a recent report, fewer than 100 people have reported bitcoin holdings so far.
The figure, reported by CNBC, comes from Credit Karma, a popular financial app through which people can view their credit score and file taxes. Of the more than 250,000 people who have filed through Credit Karma this year, a whopping 0.0004 percent have claimed to have money in bitcoin or other cryptocurrencies.
This means one of two things: either the incredible rise and completely inevitably fall of the cryptocurrency market was all just a fever dream and no one actually put a single cent into the inherently risky concept because they all knew safe, reliable investment options were available… or a bunch of people are lying to the IRS.
It is almost certainly the latter that is true. “If I had to guess, there’s probably a lot of underreporting,” Elizabeth Crouse, a partner at law firm K&L Gates, told CNBC.
“Most of the people in the cryptocurrency world tend to have a pretty high risk tolerance.” Cryptocurrency holders aren’t exactly new to fudging the numbers on their taxes. According to the IRS, just 802 people in total reported cryptocurrency gains and losses on their tax filings in 2015. Read more from gizmodo.com…
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