IRS Says Bitcoin is Not Currency; Walgreens Closing 76 Stores

A jump in consumer confidence led stocks to rise today, with the Dow jumping up nearly 100 points. Walgreens (WAG) announced that they will be closing 76 stores. The pharmacy cited that profit has been slipping as fewer generic drugs are for sale, so they must close these stores to help increase profitability. In commemoration of the half-century mark of the Ford (F) Mustang, Ford plans on planting a 2015 Mustang on one of the observation decks atop the Empire State Building.
Ford actually did this same stunt once before, in 1965. The IRS said that the federal government has decided to tax Bitcoin as property, not currency. This ruling is first significant guidance on the virtual coin. The IRS came to the decision since no country currently accepts the virtual coin as "legal tender".

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Published on Mar 25, 2014
By InvestorGuide Staff

Copyrighted 2016. Content published with author's permission.

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