A leading cryptocurrency executive has asserted that the primary barrier preventing Bitcoin from achieving widespread use as a daily payment method is outdated tax policy, not limitations in scaling technology. This viewpoint refocuses the adoption debate from technical capabilities, which have largely been solved by Layer 2 solutions, to the regulatory friction encountered by ordinary users.
While critics frequently cite Bitcoin’s underlying blockchain capacity (Layer 1) as too slow and expensive for retail transactions, solutions like the Lightning Network have made instant, near-free micro-payments technically feasible globally. However, industry insiders argue that these technical advancements are neutralized by compliance obligations.
The core issue stems from how jurisdictions, notably the United States Internal Revenue Service (IRS), treat Bitcoin and other cryptocurrencies as property subject to capital gains tax, rather than as a currency. This classification requires users to calculate and report the capital gain or loss on *every single transaction*—from purchasing a coffee to paying a restaurant bill.
“The technology stack is now mature enough for mass payments,” stated the executive. “The reason users won’t spend their Bitcoin isn’t because it costs 1 cent or takes 1 second; it’s because no one wants to hire an accountant to track the cost basis of every $10 purchase they made throughout the year. That administrative burden is the true anti-adoption mechanism.”
To unlock Bitcoin’s potential as a medium of exchange, industry advocates are pushing for legislative action, specifically the introduction of a ‘de minimis’ exemption. This exemption would allow users to spend crypto up to a certain monetary threshold (e.g., $200) without triggering tax reporting requirements for capital gains or losses, removing the primary friction point for everyday commerce.
Source: Bitcoin payments held back by tax policy, not scaling tech: Crypto exec
コメント