4min chapter

Bloomberg Crypto cover image

The IRS Wants to Tax Your Frozen Crypto

Bloomberg Crypto

CHAPTER

Having to Pay Taxes on Cryptocurrencies?

Roman: I purchased my first Bitcoin almost 10 years ago, early early on back when they were in hundreds and not tens of thousands of price. Celsius seemed to be the biggest so I chose them to put the majority of my funds into. It was literally my emergency fund,. basically all the cash I had on hand, I put with them because of how well how much interest they were offering. Now some people who had very small amounts invested are supposed to get 70% of their investment back. They're going to lose 30%. And I'm pretty sure once they lose that 30 they should be able to claim it the following year on their taxes as a lot.

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