American fast casual restaurant chain Steak ‘n Shake recently began accepting Bitcoin payments—but is it a good idea to spend BTC on burgers and other small purchases?
Whether it’s smart to part with your crypto amid repeated all-time high price marks is entirely your call, and over time, Bitcoin has increasingly been seen as a store-of-value asset rather than something you’d actually want to spend on a daily basis.
But you can spend it, of course—and if you want to do so at Steak ‘n Shake or on any other real-world items, then you’d better hold onto your receipts. That’s because even a $5 burger buy counts as a taxable event, and there are plenty of nuances and considerations that could make tax time a headache.
Decryptspoke with crypto tax experts that broke down the implications of spending BTC on burgers, shakes, and fries (and beyond).
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