CryptoWatch: Out of 250,000 cryptocurrency traders, less than 100 paid taxes, according to survey

As nearly all major digital assets on Wednesday were rallying, the cryptocurrency market was contemplating a notable climb in Litecoin and questions about which digital-asset traders are forking over money to the Internal Revenue Service.

Almost no one is paying taxes

Of the first 250,000 tax filings, less than 100 people reported owning any cryptocurrency, according to a survey from credit-monitoring company, Credit Karma. If that sounds tiny, it translates to a minuscule 0.04% of cryptotraders paying taxes to Uncle Sam, according to the company.

“While so few people have reported Bitcoin and other cryptocurrency gains or losses, we’re not surprised. Generally, Americans with more complex tax situations file later in the tax season, especially if they expect that they’ll owe money,” said Jagjit Chawla, a general manager in Credit Karma focused on taxes.

“However, given the popularity of bitcoin and cryptocurrencies in 2017, we’d expect more people to be reporting,” Chawla said.

CryptoWatch: Check bitcoin and other cryptocurrency prices, performance and market capitalization—all on one dashboard

Litecoin surges, hits three-week high

The boomlet in gains for virtual currencies, with a single bitcoin BTCUSD, +8.64% trading above $9,300 for the first time since early February, was highlighted by a surge in bitcoin offshoot Litecoin, pushing it to a roughly three-week high at around $200.

The news that Litepay—a new payment system for Litecoin—will be released on Feb. 26, fueled buying over the potential game-changing technology. If successful, Litepay will allow business to transact in Litecoin, as well as offering consumers a number of other features.

“Spend dollars anywhere debit cards are accepted, or withdraw cash from any compatible ATM,” Litepay’s website says.

The price of Litecoin, which was created as faster rival to bitcoin in 20111 by Charlie Lee, hit $216, representing an increase of about 35%.

Filed in: Top News Tags: 

You might like:

The Wall Street Journal: Stacey Abrams eyes history after win in Georgia gubernatorial primary The Wall Street Journal: Stacey Abrams eyes history after win in Georgia gubernatorial primary
Asia Markets: Nikkei leads Asian-market losses as investors’ geopolitical worries grow Asia Markets: Nikkei leads Asian-market losses as investors’ geopolitical worries grow
The Wall Street Journal: Walmart to buy SoftBank’s stake in India’s Flipkart The Wall Street Journal: Walmart to buy SoftBank’s stake in India’s Flipkart
The Wall Street Journal: Wynn Resorts’ executive compensation plan rejected by shareholders The Wall Street Journal: Wynn Resorts’ executive compensation plan rejected by shareholders
Trump hints at more tax cuts to be unveiled before November Trump hints at more tax cuts to be unveiled before November
One New York couple asked a court to help them evict their 30-year-old son One New York couple asked a court to help them evict their 30-year-old son
The Wall Street Journal: Israeli firm partnered with Cambridge Analytica to win U.S. government contracts The Wall Street Journal: Israeli firm partnered with Cambridge Analytica to win U.S. government contracts
Key Words: Is voting in 2018 really as important as in 2016? Trump’s not so sure Key Words: Is voting in 2018 really as important as in 2016? Trump’s not so sure

Leave a Reply

Submit Comment
© 2018 Stock Investors News. All rights reserved. XHTML / CSS Valid.