{"id":1000,"date":"2022-12-09T15:27:37","date_gmt":"2022-12-09T15:27:37","guid":{"rendered":"https:\/\/belbolcpa.com\/blog\/?p=1000"},"modified":"2022-12-09T15:29:16","modified_gmt":"2022-12-09T15:29:16","slug":"would-this-have-predicted-bitcoins-peak","status":"publish","type":"post","link":"https:\/\/belbolcpa.com\/blog\/would-this-have-predicted-bitcoins-peak\/","title":{"rendered":"Would This Have Predicted Bitcoin&#8217;s Peak?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"747\" height=\"467\" src=\"https:\/\/belbolcpa.com\/blog\/wp-content\/uploads\/2022\/12\/12-09-2022-iStock-1145592947.jpg\" alt=\"\" class=\"wp-image-1003\" srcset=\"https:\/\/belbolcpa.com\/blog\/wp-content\/uploads\/2022\/12\/12-09-2022-iStock-1145592947.jpg 747w, https:\/\/belbolcpa.com\/blog\/wp-content\/uploads\/2022\/12\/12-09-2022-iStock-1145592947-300x188.jpg 300w\" sizes=\"auto, (max-width: 747px) 100vw, 747px\" \/><\/figure>\n\n\n\n<p>Starting a few tax seasons ago, the IRS started to ask the question. <em>\u201cAt any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?\u201d<\/em> What does this have to do with the price direction of Bitcoin? Let me explain.<\/p>\n\n\n\n<p>Tax preparers have to ask this question when preparing tax returns and check the box as \u201cYes\u201d or \u201cNo.\u201d But how is this relevant to the price of Bitcoin? The answer is simple, and even though many clients had purchased and did not sell, it showed an enormous interest in cryptocurrencies. Bitcoin peaked during the year 2021, which was the same year of requiring disclosure on tax returns, and after the observation of so much interest in virtual currencies.<\/p>\n\n\n\n<p>A related example was during the Great Financial Crises during 2007 \u2013 2008, when many people were flipping houses and buying investment properties. Interest in real estate was extremely high and a frequent topic of discussion. We all know how that ended.<\/p>\n\n\n\n<p>Maybe the price of Bitcoin will go back up once many taxpayers have sold all of their positions and no longer need to answer &#8220;Yes\u201d to the virtual currency question on their tax return. We\u2019ll see.<\/p>\n\n\n\n<p><em>If you like what you just read, then don\u2019t hesitate to forward\/share with your friends, comment below, and\/or click like on LinkedIn!<\/em><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! <\/strong><a href=\"https:\/\/www.belbolcpa.com\/newsletter-signup.htm?\"><strong>Sign Up Now!<\/strong><\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting a few tax seasons ago, the IRS started to ask the question. \u201cAt any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?\u201d What does this have to do with the price direction of Bitcoin? Let me explain. Tax preparers have to ask this [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"full-width-content","footnotes":""},"categories":[2,3,208,7,8,10,11,16,18],"tags":[],"class_list":{"0":"post-1000","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-budgeting","7":"category-business","8":"category-economy","9":"category-expenses","10":"category-financial","11":"category-investments","12":"category-ira","13":"category-retirement-2","14":"category-taxes","15":"entry"},"_links":{"self":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/1000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/comments?post=1000"}],"version-history":[{"count":5,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/1000\/revisions"}],"predecessor-version":[{"id":1006,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/1000\/revisions\/1006"}],"wp:attachment":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/media?parent=1000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/categories?post=1000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/tags?post=1000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}