 Is Bitcoin a currency or not? Well, the IRS has made its decision because hey, they just want to tax something. I'm Adrienne Jeffries and this is 90 seconds on the verge. After previously saying it was unsure how to tax Bitcoin, the IRS this week decreed that virtual currencies will be treated as property and taxed accordingly. Ultimately, any income earned due to Bitcoin increasing in value will be taxed much like stocks and bonds. Likewise, losses can be deducted if Bitcoin loses value. Bitcoin and other similar virtual currencies act much like digital cash, using cryptography to control the transfer and creation of money. However, Bitcoin has proven to be very volatile so far, going from $100 USD last June all the way up to $1,000 USD this past January. While this IRS ruling does legitimize virtual currency as a real financial asset, it's a far cry from being a replacement for cash. The IRS acknowledges that Bitcoin can and does at times operate like quote real currency, but also notes that no country or jurisdiction currently accepts virtual currency as legal tender. Although Bitcoin is the largest and most well-known cryptocurrency, it's certainly not the only virtual currency being used in the real world. Members of the Reddit sub-community Dogecoin, which dedicates itself to the cryptocurrency based on a popular internet meme, pooled money together to sponsor a NASCAR driver Josh Wise, a previously sponsorless driver. After less than a week, the group surpassed its goal, raising almost $45,000 in the virtual currency. For more about virtual currencies, check out theverge.com. Coming up next, I purchased my very first Dogecoin. Can I get a receipt please?
 Is Bitcoin a currency or not?
 Well, the IRS has made its decision because hey, they just want to tax something.
 I'm Adrienne Jeffries and this is 90 seconds on the verge.
 After previously saying it was unsure how to tax Bitcoin, the IRS this week decreed
 that virtual currencies will be treated as property and taxed accordingly.
 Ultimately, any income earned due to Bitcoin increasing in value will be taxed much like
 stocks and bonds.
 Likewise, losses can be deducted if Bitcoin loses value.
 Bitcoin and other similar virtual currencies act much like digital cash, using cryptography
 to control the transfer and creation of money.
 However, Bitcoin has proven to be very volatile so far, going from $100 USD last June all
 the way up to $1,000 USD this past January.
 While this IRS ruling does legitimize virtual currency as a real financial asset, it's
 a far cry from being a replacement for cash.
 The IRS acknowledges that Bitcoin can and does at times operate like quote real currency,
 but also notes that no country or jurisdiction currently accepts virtual currency as legal
 tender.
 Although Bitcoin is the largest and most well-known cryptocurrency, it's certainly not the only
 virtual currency being used in the real world.
 Members of the Reddit sub-community Dogecoin, which dedicates itself to the cryptocurrency
 based on a popular internet meme, pooled money together to sponsor a NASCAR driver Josh Wise,
 a previously sponsorless driver.
 After less than a week, the group surpassed its goal, raising almost $45,000 in the virtual
 currency.
 For more about virtual currencies, check out theverge.com.
 Coming up next, I purchased my very first Dogecoin.
 Can I get a receipt please?