Thread by @BiIndia

@BiIndia together with @CoinDCX brings to you #CryptoInjest, a crypto comic series covering news, views & more 👇

‘Bitcoin is Bitcoin’ — #JackDorsey’s Square reports a three-fold increase in revenue from the world’s oldest #cryptocurrency - By @pabsgill

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@CoinDCX @pabsgill “Bitcoin is Bitcoin, and that’s all it needs to be,” said Square and Twitter CEO #JackDorsey on August 3 after earnings of his digital payments company showed that Bitcoin accounts for more than half of its revenue.

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@CoinDCX @pabsgill Whether #Bitcoin is a digital asset, a currency, a financial instrument, or property has been a hotly debated topic among regulators, governments and economists — and a consensus is yet to emerge.

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@CoinDCX @pabsgill The question of ‘what is #Bitcoin’ has gained importance over the past decade as the currency has gone from being a tool for the rebellious to something fund managers are adopting for diversification & countries like El Salvador are making legal tender.

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@CoinDCX @pabsgill Even Square’s $2.72 billion in revenue from #Bitcoin between the months of April to June this year is reflective of the cryptocurrency’s growth. It is triple the amount people were spending on the platform last year during the same period.

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@CoinDCX @pabsgill #Bitcoin’s identity is an issue for the ages. And, its classification will dictate how it is regulated and taxed.

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@CoinDCX @pabsgill For instance, in the US, the Commodity Futures Trading Commission treats #Bitcoin as a commodity while the Internal Revenue Service — the powerhouse behind taxation — treats it as a property.

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@CoinDCX @pabsgill In India, reports suggest that the government may classify #Bitcoin as an asset class, which means its regulation will be overseen by the Securities and Exchange Board of India (SEBI).

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@CoinDCX @pabsgill Regardless of where you fall on the scale, experts speculate that #Bitcoin has become too big to fail. The total value that would get wiped out if Bitcoin were, somehow, to be banned or shut down.

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