Strive Board Member: The taxation method for Bitcoin is the fundamental reason hindering its everyday use

According to Cryptopolitan, Strive board member Pierre Rochard pointed out this week that despite the continuous improvement of scaling technologies (i.e., tools that accelerate transactions and reduce costs), the way Bitcoin is taxed is the fundamental reason it cannot function like a regular currency in everyday transactions.

Pierre Rochard stated that Bitcoin payments grow faster in low-tax regions. Under current U.S. tax law, Bitcoin is considered property rather than currency. This means that every time someone uses Bitcoin for consumption, whether purchasing coffee, services, or goods, it triggers a tax reporting obligation, and if the value of Bitcoin has increased since the buyer acquired it, capital gains tax may also be due.