Coinbase's Wrapped Bitcoin: What You Need to Know About Taxes 📈

On August 14th, 2023, Coinbase announced cbBTC. What is cbBTC? It's Coinbase wrapped Bitcoin. Essentially, Coinbase allows you to send them your Bitcoin, they hold and wrap it, and then they integrate it into the Base network. This is significant because Coinbase holds a substantial amount of Bitcoin, making them one of the largest holders of BTC. Let's explore how taxes will come into play when wrapping, unwrapping, and yield farming with cbBTC.
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