I don't think that's quite true. Any _foreign_ bank account over $10k must be reported. However US bank accounts may be reported by the banks directly.
Yes, but the effect is the same: just if we have foreign bank accounts, we must report them ourselves. They are all reported.
Of course. I'm just not sure about whether domestic bank accounts are reported.
It's actually a validation of Bitcoin as another currency. What this (proposed/speculative) law says is that Bitcoin is equally valid as the Euro or Yen, and thus a "foreign currency holding" which must be reported.
Validity of bitcoin as a currency is irrelevant. What is relevant is that a US citizen can possess a cash-equivalent that behaves in a fashion similar to foreign currencies or commodities. The tax law is pretty clear on investments and cash-equivalents, bitcoin is both without addressing a question of currency status.
Because it's just something you have, which might be worth $10k if you sold it.
If you own a car worth over $10k, do you need to report that?
Until explicitly stated otherwise bitcoins are considered, by definition, a cash-equivalent for US citizens. I take it you don't file taxes in the US (or at least don't have very many assets)?
If it's held in a foreign account, for sure.
A car is not a liquid asset. Bitcoins do purport to be liquid assets.