Experts expect Bitcoin to surpass its $1,165 peak, achieved in November 2013, during the first few weeks of 2017.
Like with trading any currency, stock or commodity, or selling any property, if you earned gains from bitcoin, you have to report that as income to the Internal Revenue Service.
“Even in the fast-moving world of virtual currencies like bitcoin, companies can’t deceive people about their products.”
Most of the catalyst for Bitcoin’s recent rise comes from continuous reports of financial institutions and venture capitalists investing in the cryptocurrency’s cornerstone technology, known as the blockchain,
“(Bitcoin) innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets.”
The demand for cash in Greece may be fueling interest among Europeans in alternative currencies, such as bitcoin.
FinCen also alleges that Ripple Labs failed to “implement and maintain an adequate anti-money laundering (AML) program designed to protect its products from use by money launderers or terrorist financiers.”
Goldman Sachs has added millions of dollars, and possibly more important a dose of legitimacy and a Wall Street boost, to the bitcoin community.
JPMorgan CEO Jamie Dimon warned investors and those in the banking industry of the growing competition out of Silicon Valley, including digital currencies and nonbank firms that can quickly lend to individuals and small businesses.
He also said it would be a smart marketing move for New York City, which competes with the likes of Silicon Valley and Boston in attracting technology firms and high-tech talent.