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.
- CPA Practice Advisor 40 Under 40 honoree
- Head of Strategy for Tax at CoinTracker
Dr. Sean Stein Smith, CPA
https://www.linkedin.com/in/dr-sean-stein-smith-dba-cpa-63307444/
https://www.linkedin.com/in/dr-sean-stein-smith-dba-cpa-63307444/
- 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
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
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
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?
8:18 - Exiting Robinhood Could Create A Tax Nightmare For Crypto Users
https://www.forbes.com/sites/shehanchandrasekera/2021/01/28/exiting-robinhood-could-create-a-tax-nightmare-for-crypto-users/?sh=7a02ea1b4ad6
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
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 Is an Incredibly Dirty Business
https://www.bloomberg.com/opinion/articles/2021-01-26/is-bitcoin-mining-worth-the-environmental-cost
https://www.bloomberg.com/opinion/articles/2021-01-26/is-bitcoin-mining-worth-the-environmental-cost
Bitcoin's wild ride renews worries about its massive carbon footprint
What is dogecoin? Elon Musk has sent the meme cryptocurrency soaring
https://finance.yahoo.com/news/what-is-dogecoin-the-meme-cryptocurrency-elon-musk-has-sent-soaring-170244933.html
https://finance.yahoo.com/news/what-is-dogecoin-the-meme-cryptocurrency-elon-musk-has-sent-soaring-170244933.html
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