The price of Bitcoin has been surging since Donald Trump's presidential victory, reaching new milestones and hitting a record of $98,800 on November 21st. The US Securities and Exchange Commission's announcement that Chair Gary Gensler will step down on January 20th, the day Trump is sworn in, has further fueled bullish optimism for the cryptocurrency. In an unprecedented move, the Bitball Flag Football showdown, featuring some of the biggest names in American football, will reward players in Bitcoin. The event, organized by the International Federation of American Football, will take place in Abu Dhabi as part of the Bitcoin MENA 2024 conference. The United Arab Emirates has positioned itself as a potential hub for digital currencies by exempting individuals and businesses from value-added taxes on digital asset transactions. However, players will still be subject to US taxation on their digital assets. The IRS provides guidelines for determining when digital assets count as income subject to taxation. It is important for digital asset owners and investors to understand their tax reporting and filing obligations to ensure compliance.



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