Yes. I mean, if you're a professional currency trader, that's how they make their money. IRS really just cares about "income" though, doesn't really matter wher

Yes. I mean, if you're a professional currency trader, that's how they make their money. IRS really just cares about "income" though, doesn't really matter where it comes from: job, yard sale, crypto, selling drugs, whatever. I'm not an expert at this, so I'm fairly curious to some similar edge cases like, what if you open an EU bank account, convert 100k USD to Euros. The Euro/USD gains a few basis points and then you buy a car. Are you taxed on the delta between when you bought the Euros and when you "sold" them? Is that any different than the (former) situation where you could buy 100k worth of bitcoin, then use the bitcoin to buy Tesla? Both are assets that appreciated vs USD. Stocks seem pretty simple, because you always have to convert back to USD, but what if you don't have to convert?