US Treasury Secretary Scott Bessent marked Tax Day by praising the Working Families Tax Cuts, saying tens of millions of Americans now keep more of their paychecks. But for Bitcoin (BTC) users, the tax code tells a very different story. Cato Institute research fellow Nicholas Anthony published a new analysis arguing that capital gains rules have made it nearly impossible to spend Bitcoin as money in the United States. Bitcoin Spending Triggers a Paperwork Avalanche Anthony explained that every purchase made with BTC requires users to record the acquisition date, the spending date, the original cost, and the gain or loss