Even if you are not invested in cryptocurrency or understand the technology behind it, you may have noticed a growing number of crypto companies advertising in entertainment & media in the past few years. The presence of crypto in the modern economy grows with each day that passes. From digital currencies such as Bitcoin to Non-Fungible Tokens (NFTs), people are looking to diversify investments digitally. Ever since cryptocurrency emerged into the public consciousness, regulation of the industry has been playing "catch-up" to the fast-paced, volatile nature of the industry. The IRS has recently indicated in a chief counsel advice memorandum that that a taxpayer must submit a qualified appraisal to substantiate the fair market value (FMV) of donated cryptocurrency exceeding $5,000 and may not rely on the value listed on a cryptocurrency exchange.
