Dollars are one of the easiest things to buy with Bitcoin, so how is that a prob... | Hacker News

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		ric2b on May 19, 2021 \| parent \| context \| favorite \| on: Crypto crash deepens, stocks slip Dollars are one of the easiest things to buy with Bitcoin, so how is that a problem? I also need water to live my life, but that doesn't make me feel the need to price everything in gallons of water.

prepend on May 21, 2021 [–]

Fluctuating prices suck for paying taxes.

Buy bitcoin at $1 on Jan 1, sell at $10 on dec 31. I now owe taxes on $9 in gains, so I’ll need USD$3 on April 15. If on Jan 2, I buy more Bitcoin at $10 and it drops to $6 on April 15 that will suck because then I’ll need to sell half my Bitcoin to pay taxes.

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