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Daily Bitcoin BTC market cap history up until January 17, 2024 A31. No. If you receive virtual currency as a bona fide gift, you will not recognize income until you sell, exchange, or otherwise dispose of that virtual currency. For more information about gifts, see Publication 559, Survivors, Executors, and Administrators. This means bitcoin never experiences inflation. Unlike US dollars, whose buying power the Fed can dilute by printing more greenbacks, there simply won't be more bitcoin available in the future. That has worried some skeptics, as it means a hack could be catastrophic in wiping out people's bitcoin wallets, with less hope for reimbursement. Which could render bitcoin price irrelevant. First Mover Americas: Bitcoin Slips Over 15% Since ETF Approval Nobody owns or controls Bitcoin, which is one of the reasons it appeals to people. The network was launched by an unknown developer or developers, and then other volunteer developers continued to add new updates to the software, which anyone can now do.
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