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Digital currencies are leaving their mark in the marketplace

25

August, 2017

Bitcoin, also called a mobile currency or a crypto currency, was created in 2009 by Satoshi Nakamoto.

Bitcoins increased in value from about $570 to more than $4,300 — an incredible 750% — in the past year; And, according to CNBC, “Analysts have also noted increased investor interest, especially from institutional investors, after bitcoin successfully survived an Aug. 1 split into bitcoin and bitcoin cash.”

Rick Barlin, of The CPA Journal believes that, “The federal government has enacted controversial legislation regarding how to account for digital currencies on financial statements, as well as for tax purposes. Further complicating matters is the fact that these currencies are defined differently, depending upon how they are used.”.

“The main problem with regulating currencies such as bitcoin is that it is treated as both a method of payment and an investment property.”

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