Crypto Update with Shehan Chandrasekera & Dr. Sean Stein Smith

BNY Mellon, America's oldest bank, is making the leap into the market for Bitcoin. Meanwhile, Tesla has bought $1.5 billion in Bitcoin at the direction of Elon Musk, who says that he expects Tesla to also begin accepting payment in cryptocurrency in the future. It appears that Bitcoin and cryptocurrency are going mainstream. Is this the next big bubble, or the dawn of a new asset class? Shehan Chandrasekera, Head of Strategy for Tax at CoinTracker, and Dr. Sean Stein Smith, Assistant Professor at Lehman College, join the podcast to discuss this and more in a wide-ranging cryptocurrency update for the accounting profession.

Guests

Shehan Chandrasekera, CPA
https://www.linkedin.com/in/shehanc/
  • CPA Practice Advisor 40 Under 40 honoree
  • Head of Strategy for Tax at CoinTracker
  • Assistant Professor at Lehman College (CUNY)
  • Founder at Company NameInstitute for Blockchain & Cryptoasset Research
Show Notes

2:55 - Bitcoin to Come to America’s Oldest Bank, BNY Mellon
https://www.wsj.com/articles/bitcoin-to-come-to-america-s-oldest-bank-bny-mellon-11613044810 

4:49 - Tesla Buys $1.5 Billion in Bitcoin: What Could Possibly Go Wrong?
https://www.wsj.com/articles/tesla-and-bitcoin-what-could-possibly-go-wrong-11612797620 
 
5:47 - What Do Bitcoin and Tulip Mania Have in Common?
https://interestingengineering.com/what-do-bitcoin-and-tulip-mania-have-in-common
 
5:50 - The underlying value of cryptocurrency 
 
7:00 - Store of value, or more?  
11:07 - Five taxable events regarding crypto 

14:42 - Four types of cryptocurrency holders in the U.S.

16:18 - If your clients hold crypto, what risks do you face, as an accountant, or tax preparer? 

21:39 - Asking About Crypto on An Organizer? It's Not Enough
By Gary Boomer
 
22:00 - Is Bitcoin a bubble? 
 
33:27 - What does the future hold for Bitcoin? 
 
38:53 - What are the business use cases for blockchain? 
 
41:10 - Smart contracts in the blockchain
 
Additional Crypto Reading: 
 
Mastercard to Support Some Cryptocurrencies on Its Network
https://www.wsj.com/articles/mastercard-to-support-some-cryptocurrencies-on-its-network-11613004823?mod=article_inline

Intent On Ban, India To Give Transition Time To Crypto Investors
https://www.bloombergquint.com/business/intent-on-ban-india-to-give-transition-time-to-crypto-investors-bq-exclusive
 
As Bitcoin Soars Toward $50,000, Data Reveals Tesla Billionaire Elon Musk Triggered A $1.2 Billion Price Short-Squeeze
 
 
Bitcoin's wild ride renews worries about its massive carbon footprint


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