I would think treating any bitcoin transaction the same as you’d treat a foreign exchange transaction would be appropriate. In most cases, you ignore FX transactions because you’re just spending after tax dollars, converting them first to FX before spending them in, say, France.
However, whatever the rules for speculating in a foreign currency are, i.e., buying 1,000 Euros with dollars, sitting on them for a time, then selling them at a profit or loss in dollars, would seem to apply. That is, I’d look to the tax rules for investing in foreign currencies.
One thing’s sure. If you own a bunch of bitcoins and sell them at a huge profit, Uncle Sam is going to want his cut. Whether he views it as a long-term gain or a short-term gain is another issue, as is whether he can ever discover the fact that you made the transactions at all.
There is bitcoin income from mining activity.
It can be posted multiple times a day
There is no ‘real’ exchange or market so the conversion to dollars isn’t rocket science.
It is an accounting nightmare. No place to find charts that show day to day market values.
If anything it will be the accounting nightmare that the i.r.s. imposes that is the death of bitcoin.