An update on the current state of U.S. crypto taxation

In recent years, the volatility in cryptocurrency prices has made the headlines in the financial and popular media. Witness bitcoin. In alternate throes of love and fear, we have seen bitcoin’s dramatic 1,300% price surge in 2017, its subsequent crash during the crypto winter of 2018 and its phoenix-like resurgence to break through $50,000 a bitcoin as of mid-February 2021.

As of February 17, 2021, bitcoin’s market capitalization alone was over US$900 billion. But even during its price surge at the beginning of 2021, bitcoin market capitalization fluctuated wildly dropping at one point US$150 billion in a matter of a few days, again reflecting crypto’s price volatility. Nevertheless, this compares to a market cap for bitcoin a year earlier of US$143 billion.

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