When was the last time you scrolled through the news and there wasn’t something about cryptocurrency in the headlines? It has probably been a long time, or at least a long time in Internet time. Cryptocurrency dominates the news cycle these days, and you’ll see everything from stories about rappers who became accidental Bitcoin millionaires to foreign governments banning cryptocurrencies outright. There are some pretty pervasive myths that go along with cryptocurrencies as well. Do you think you have what it takes to invest in such a volatile and mysterious new market?
First off, cryptocurrencies are absolutely regulated by the Securities and Exchange Commission, contrary to the pervasive belief that they are completely unregulated. And in addition to those regulations different states are enacting different laws regarding how they are treated, whether exchanges are legally binding, and whether they can legally be traded on stock exchanges. But what’s most important is that yes, you do have to pay taxes on them.
Learn more about cryptocurrency myths from this infographic!