Bitcoin went to unprecedented levels on Thursday as the original cryptocurrency hit a value of over $111,000 a coin. Bitcoin's volatility is real, but if you hold any bitcoin today, you're seeing return on investment. This post is not intended for financial advice, by the way.

A cryptocurrency enthusiast friend of mine was imploring that I learn the history of Bitcoin and invest every penny I had into the new decentralized form of money. I did end up downloading the Coinbase app and buying some Bitcoin in early December when it was just over $101,000. Then the dip came.

BTC (Bitcoin) dipped to around $84,000 last month, but has rebounded and hit new highs as of Thursday.

Mass. Investors Are Winning and Grinning Today

The unprecedented price, driven by global adoption and institutional investment, significantly impacts Massachusetts crypto enthusiasts, who are among the nation’s most active, with over 800 Bitcoin ATMs and bipartisan legislative support for a Strategic Bitcoin Reserve.

My girlfriend and I are deeply divided over Bitcoin and she opts for more conservative methods of building wealth. She was not happy with me when I bought some back in December.

Experts remain cautiously optimistic about the future of Bitcoin, unless you're Micro Strategy's Michael Saylor. Saylor has been gobbling up Bitcoin for some time now.

Saylor has advised investors to buy Bitcoin at its all-time high, stating that 'if you’re not buying Bitcoin at the all-time high, you’re leaving money on the table.' This statement comes as Bitcoin continues to reach new peaks in value. Saylor also mentioned that when Bitcoin reaches $1 million a coin, he would buy $1 billion of it in one day. -thedefiant

Do you pay taxes on cryptocurrency gains in Massachusetts?

Yes.

In Massachusetts, all forms of income are subject to a flat 5% tax rate and that includes crypto. Activities like mining, staking, or accepting crypto for goods or services count as income.