> Many people used it more like Paypal, a conduit to make or receive payments for sales of goods or services. With the conversion of bitcoin to regular currency happening very quickly. No buy/hold/trade activity, etc.

I'm glad you brought this up because it just strengthens my point. Paypal reports US account transactions to the IRS once they go over a certain size.

https://www.paypal.com/us/webapps/mpp/irs6050w