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The Cato Institute calls on the U.S. Congress to eliminate the capital gains tax on Bitcoin to promote monetary competition
According to Cointelegraph, the Cato Institute, a U.S. think tank, released a report stating that the U.S. government should eliminate the capital gains tax on btc-42">Bitcoin and other cryptocurrencies to make it easier for cryptocurrencies to be used as everyday currency and to promote fair competition among different currencies.
Currently, U.S. tax law treats Bitcoin as a capital asset, triggering a taxable event when users pay for goods or services with Bitcoin, requiring the calculation and reporting of capital gains. This results in even small everyday purchases potentially generating hundreds of pages of tax documents, significantly increasing the compliance burden. Cato aims to remove the current U.S. tax policy barriers to the use of cryptocurrencies as currency. Cato researcher Anthony emphasized, "Congress should simplify the tax code so that ordinary Americans can easily fulfill their obligations, which will greatly alleviate the pressure of tax season and create a more competitive economic environment."
According to a 2025 survey, 39% of U.S. cryptocurrency holders have used crypto assets to purchase goods and services, and currently, about 11,000 merchants worldwide accept Bitcoin payments.
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