Southern/Alpha Features Thompson Burton PLLC as the First Law Firm in Tennessee (and one of the first nationally) to Accept Bitcoin as Payment


It seems contradictory doesn’t it? A well-known law firm in Nashville, Tennessee is the first law firm in Nashville, and among the first nationally, to accept Bitcoin in exchange for law practice. According to Kevin Thompson of Thompson Burton, accepting BTC is a practical decision for the firm and opens up new opportunities for both local and international clients. “We want to make it easier for clients to do business with us,” Kevin said in an interview with Southern/Alpha. “With some of our international clients, they’re starting to transact via BTC. With zero processing fees, why would we not accept BTC? In order to protect ourselves from any value fluctuations, we liquidate the BTC the moment we receive them. I’m confident that it’s only a matter of time before BTC values stabilize once the global transaction volume increases.” Click here to continue reading this story at Southern/Alpha.

Continue Reading

IRS Labels Bitcoin as Property


This week the IRS finally gave Bitcoin a label. While Bitcoin is commonly thought of as a currency / financial instrument, the IRS has labeled Bitcoin as PROPERTY for tax purposes. Their rationale: even though Bitcoin is used as a currency, it has yet to be accepted by any country as a currency. Thus, Bitcoin is more like personal intangible property. So when people receive bitcoin as payment for their services, they must include the fair market value of the currency at the time of the transaction when computing their income for their taxes. This represents good news for the Bitcoin community. If Bitcoin has become significant enough to tax, it represents a good step in the maturation process for the fledgling technology. But, this news is not all sunshine and rainbows. There are a couple of problems with this. First, libertarian values seep in the core of Bitcoin. Bitcoin […]

Continue Reading

Can America Federally Regulate Bitcoin


A week ago U.S. Senator Joe Manchin from West Virginia sent a letter to currency regulators such as the Treasury Department and Federal Reserve protesting the legitimacy of Bitcoin.   He encouraged them to prohibit Bitcoin like Thailand, China, and South Korea.  Some shrug this off as a political ploy of one of the Senate’s most junior to gain publicity.  Others find this to be the rise of American government regulation.   But who can regulate it?  The next day US Federal Reserve chairwoman Janet Yellen testified  before the Senate Banking committee that, “The Federal Reserve Simply does not have the authority to supervise or regulate bitcoin in any way.”  She explained that Bitcoin was a “payment innovation” that did not interact with banks that neither it nor the Federal Reserve had “the ability to supervise and regulate” it.  And she’s fair in her analysis.  Both the Treasury and Reserve’s […]

Continue Reading