The 1040 tax form has this question right underneath the name section "“At any time in 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”
That pretty much sums up the government's position. They know it exists. They want you to know that they know that you read that question. You will have to reply "Yes" to that question if you're filing taxes, even if just buying $100. The election has other implications like possible quantitative easing by the next president, but the tax implications are what you should know most. Death and taxes...
Wait wait wait... whuuut? America do have tax questions with a decentralized monetary system? AFAIK even if you buy bitcoin, by any wallet (like coinbase), you would only require to submit your documents upon verification right? Would that really be traceable that this person bought, nor send, exchange, or receive, that amount of crypto? What if they answered 'No'? Was it included in the 1040 tax form and the USA's tax law?
I'm just shocked that this exists. There are so many people whom pay taxes as well, but aren't pretty much aware that their crypto activities is also included in a tax form. But nonetheless, I guess even if the OP bought bitcoin before or after, it wouldn't really matter as long as he/she is aware with the basics of crypto, more especially its volatility and risks.
