Cato scholar proposes $80K crypto tax exemption to fix Bitcoin's 100-page filing burden

Cato Institute's Nicholas Anthony argues the capital gains tax makes Bitcoin unusable as currency — daily BTC spending can generate over 100 pages of tax filings (Form 8949 alone hits ~70 pages). He proposes four fixes ranging from abolishing capital gains tax entirely to an $80K de minimis exemption based on average household spending, dwarfing the $200 threshold in the current Virtual Currency Tax Fairness Act. With 39% of US crypto holders already using it for purchases, the compliance burden is the real barrier to currency competition, not adoption.

TLDR by @Benthic

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