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Imagine being a billionaire and then avoiding taxes. No matter how you look at it you are always going to remain in the tres commas club and afford a fleet of yachts, mansions, rare Nike Jordans and throw parties for instagram models in Tulum.

Yet you still do it.

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I assume there’s a risk reward calculation being made where all they care about are their yearly returns.

I know a guy who is quite rich off of Bitcoin (bought thousands when it was $2 and has held most of it). Refuses to pay taxes unless the IRS actually comes after him. So maybe these billionaires are similar. They’ll only pay if the IRS makes them and they’ll drag their feet in whatever way they can.

What taxes to pay in the first place off to? If he didn't sold them bitcoins he didn't make any money. Are you saying you should prosecute for taxes people who hold Picasso paintings because this year Picasso went up 10 times more than previous year, even if they don't sell it?

Remember, bitcoin is art, not money. Or is the same money just like art is.

He's cashed some out. "and has held most of it"

"some" is the key word here. If he cashed "some" only to buy himself a house, I am pretty sure he doesn't need to pay taxes on that, except maybe the notarial taxes inherent to the transaction itself.

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