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The IRS announced recently, to about 9 million individuals that they might be breaking the law...

The IRS announced recently, to about 9 million individuals that they might be breaking the law by not reporting their transactions in Cryptocurrency. It added that they think of cryptocurrency as security and not as a currency and hence the taxability of trading it. What do you think is the effect of such a statement on the viability of cryptocurrency.

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Effect of such statements will be increasing the reliability on the cryptocurrency as it is being stated that the cryptocurrency is more secure and it should not be regulated and reported so this will be gaining the the attention of the wide number of investors, and they should be looking to invest into the cryptocurrencies because they will be consider it as a safer asset and they will also be getting away with any kind of regulation of investment.

this will also mean that the cryptocurrency will be gaining a lot into the value of the overall market capitalisation as a large number of investor will be investing into the cryptocurrencies as they will consider it as a very safe investment who is not subjected to any kind of regulations.

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