You should ask a tax professional or your own tax lawyer for advice. But my own plan is to treat it as being equivalent to holding a foreign currency which, in

You should ask a tax professional or your own tax lawyer for advice. But my own plan is to treat it as being equivalent to holding a foreign currency which, in the US is (more-or-less) taxed like capital gains that is always considered short-term regardless of how long you held it. I may be wrong.