David Hunter and Nicholas Nester of Chambliss, Bahner & Stophel, P.C., has made available for download their article, “Tax and Estate Planning for Cryptocurrency,” published in JDSUPRA. The abstract is as follows:
In the past year, the global market capitalization of cryptocurrency has grown exponentially, reaching a high of $2.56 trillion on May 11, 2021. Coinbase, the largest cryptocurrency exchange, has more than 68 million verified users. By comparison, TD Ameritrade has 11 million accounts, Charles Schwab has 14.1 million accounts, and Fidelity has 83.4 million accounts.
Although opinions on cryptocurrency differ, this massive gain has led to some investment experts recognizing cryptocurrency as a legitimate asset class. Warren Buffett has referred to Bitcoin (the most significant cryptocurrency) as “rat poison squared.” Suze Orman has said cryptocurrency should be part of your investment portfolio as long as you can afford to lose that money and you are going to keep it for a reasonably long time.
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal