BNY Mellon, America's oldest bank, is making the leap into the market for Bitcoin. Meanwhile, Tesla has bought $1.5 billion in Bitcoin at the direction of Elon Musk, who says that he expects Tesla to also begin accepting payment in cryptocurrency in the future. It appears that Bitcoin and cryptocurrency are going mainstream. Is this the next big bubble, or the dawn of a new asset class? Shehan Chandrasekera, Head of Strategy for Tax at CoinTracker, and Dr. Sean Stein Smith, Assistant Professor at Lehman College, join the podcast to discuss this and more in a wide-ranging cryptocurrency update for the accounting profession.
Show Notes
- CPA Practice Advisor 40 Under 40 honoree
- Head of Strategy for Tax at CoinTracker
- Assistant Professor at Lehman College (CUNY)
- Founder at Company NameInstitute for Blockchain & Cryptoasset Research
5:50 - The underlying value of cryptocurrency
7:00 - Store of value, or more?
11:07 - Five taxable events regarding crypto
14:42 - Four types of cryptocurrency holders in the U.S.
16:18 - If your clients hold crypto, what risks do you face, as an accountant, or tax preparer?
21:39 - Asking About Crypto on An Organizer? It's Not Enough
By Gary Boomer
22:00 - Is Bitcoin a bubble?
33:27 - What does the future hold for Bitcoin?
38:53 - What are the business use cases for blockchain?
41:10 - Smart contracts in the blockchain
Additional Crypto Reading:
Bitcoin's wild ride renews worries about its massive carbon footprint
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