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<p>[QUOTE=&quot;chascat, post: 2945288, member: 76792&quot;]That makes perfect sense...so when a bitcoin is withdrawn from an account I would expect to receive a 1099 or one 1099 per year per account.&nbsp; I don&#039;t know the current value of all bitcoin, but I would doubt my mere 186 million dollars would tip the boat and cause much chaos.&nbsp; There have already been many such withdrawals without that much impact.&nbsp; It would take a panic selloff, as in past stock market crashes, to cause the meltdown.&nbsp; At the present time, the Fed. does not recognize crypto currencies as legitimate currency, so as long as you don&#039;t withdraw bits, you haven&#039;t gained any capitol and therefore don&#039;t owe the IRS a dime.&nbsp; Eventually it will be showtime as anyone with a bitcoin account will withdraw substantial funds and then become liable for income tax. provided they actually made any money.&nbsp; I doubt though if any substantial losses occur, the IRS will honor them...remember crypto does not exist as far as the Govt. is concerned.[/QUOTE]</p><p><br /></p>

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