…And here’s why: If it isn’t fiat, they aren’t making any money from it – And cryptocurrencies are so far from fiat (yet becoming a part of more and more people’s investment portfolios) the banks don’t see a penny from them:
College tuition can be a tough nut to crack.
Students in pursuit of their dreams often rely on hard work and student loans to get them through the lean years, when they have to pay for college and living expenses.
But some New York University students are paying for their tuition while avoiding the drudgery of waiting on tables in Greenwich Village.
Take Konig Chen, for example. The 22-year-old, who was raised in Brazil and went to high school in Taiwan, says he has used the proceeds of his bitcoin investments to pay for a full four-year course of study at the school.
Like many cryptocurrency investors, Chen started out small, betting around $5,000 on the currency in February 2017, when it was fetching around $1,200. Adding $80,000 over the summer to his investment as the currency started to skyrocket, by the end of last year his wallet was worth enough for him to take out $200,000.
Read the whole thing, it describes how some NYU students have created an algorithm to predict cryptocurrency performance and are making a ton of money.
We talked about banks not allowing cryptocurrency purchases yesterday, but here’s another pointer to the bankers and their lobbyists trying to kill these currencies off:
According to the IRS, when a taxpayer successfully mines cryptocurrency and has earnings from that activity, he or she must include it in gross income after determining the fair market dollar value of the virtual currency as of the day it was received.
If you are considering buying or selling cryptocurrency, just follow this rule: How you use it relates to how it is taxed. If you keep good tax records and keep in mind how you are using the currency, understanding the tax implications will be a breeze.
They are taxing it. Of course they are. It’s hard out there for a morally corrupt IRS,. (Youtube) (NSFW)