Nowadays Bitcoin is far less about tax avoidance. It’s extremely difficult for an American to buy BTC from entity where you don’t go through kyc. I know I’m going to pay taxes.
Bitcoin is more about wealth preservation and opting out of a corrupt system. It’s also censorship resistant, which is something that is becoming more and more appealing as time goes by. How much of a leap is it from the US Gov tracking all flows of funds in every bank account to we don’t approve of that transaction so we’re stopping it directly? That’s dystopian bullshit and I’m not down for that. Maybe I shouldn’t be surprised that people over look something like that.
There’s a chance that I’m jumping to conclusions here, but there was not a lot of specifics given on what accounts they would like to track. Only accounts over a certain size? Only certain kinds of businesses? The parameters will be expanded.
In any event it’s a crappy thing to drop in a massive bill like this. But again, people here are all, “GO IRS!” 🤦🏻♂️