Strive board member: Bitcoin taxation methods are the root cause hindering its everyday use.

PANews reported on January 25 that, according to Cryptopolitan, Strive board member Pierre Rochard pointed out this week that despite continuous improvements in scaling technology (i.e., tools to speed up transactions and reduce costs), Bitcoin's taxation methods are the fundamental reason why it cannot function like ordinary currencies in everyday transactions.

Pierre Rochard stated that Bitcoin payments are growing faster in low-tax jurisdictions. Under current U.S. tax law, Bitcoin is considered property, not currency. This means that every time someone uses Bitcoin for a purchase, whether it's coffee, services, or goods, it triggers a tax reporting obligation, and if the Bitcoin's value has increased since the buyer acquired it, capital gains tax may also be payable.