Bloomberg Tax
Dec. 31, 2020, 9:46 AM

Cryptocurrency Comes of Age, and the IRS Wants to Know About It

Kelly Phillips Erb

The internet was abuzz this week with rumors that Carolina Panthers offensive lineman Russell Okung would be receiving half of his $13 million salary in Bitcoin. Okung, whose social media profile on Twitter reads “life, liberty, and #bitcoin” has made no secret of his interest in cryptocurrency, tweeting on Dec. 29, “Paid in Bitcoin.”

And this week, with Bitcoin riding high (one Bitcoin is worth nearly $28,000) the idea made for a great story—only, it appears not to be true. A spokesperson for the National Football League (NFL) confirmed that Okung would receive his salary in U.S. dollars, just like ...

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