A report indicates that buying coffee with Bitcoin daily in the US could result in over 70 pages of tax documentation. In a recent report, Cato Institute researcher Nicholas Anthony stated that the US's capital gains tax on crypto assets like Bitcoin, categorized as "capital assets," means that purchasing goods and services with cryptocurrency could trigger tax and reporting obligations, increasing compliance costs and weakening its viability as "currency." Anthony believes the simplest solution is to completely abolish the capital gains tax; if that's difficult to achieve, eliminating the capital gains tax on daily payments between crypto assets and foreign currencies, or setting a "small-amount tax exemption" threshold, could also be considered. He cited the example of buying coffee with Bitcoin daily, which could result in over 70 pages of tax documentation. https://t.co/A6HMQPrSuD