Bitcoin Price Analysis: BTC a Commodity, Not Property Subject to Capital Gains Tax

September 29, 2018

 

Bitcoin prices are sensitive to regulatory news and this week’s judgment that Bitcoin is a commodity did spur more confusion. Needless, prices are largely unaffected and are in fact stable adding two percent in the last week. Like last week, traders are expecting higher high meaning our last Bitcoin trade plan is still valid. As long as investor money is involved, regulation is inevitable. All eyes are on the US SEC. If they do give approve Bitcoin ETFs, then prices will undoubtedly surge. While at it, the decision by a Federal US judge on Sep 26 declaring that all cryptocurrencies should be viewed as commodities should be a cause of concern. In fact, it’s confusion for coin holders from a legal stand point. Going forward, the CFTC will literally police the space on matters crypto fraud. That shouldn’t be the case. Simply put, the law is just too broad for cryptocurrencies to be considered commodities because of their association with Bitcoin.If anything, the CFTC might be labeling Bitcoin a commodity because of Bitcoin Futures. However, their conclusion that all coins are commodities regardless of their internal structure and functioning is naïve to say the least. It’s clear that the case against Randall Crater is justified.

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