The IRS treats bitcoin and other cryptocurrency transactions as property and not as currency. As such, you must figure gain on the transaction in the same way as with any other type of property. The IRS posted guidance (https://www.irs.gov/pub/irs-drop/n-14-21.pdf) on this matter several years ago, but may revisit the topic, so stay alert.
A tax rule that taxes income that is not received by you but that you may draw upon.