-
@ Satoshis Nephew
2025-05-06 17:47:44
The Bank Secrecy Act, established in 1970, required reporting cash transactions above $10,000.
Today, 55 years later, that threshold remains unchanged.
But $10,000 ain't what it used to be back in 1970.
To give you an idea of just how much money $10,000 was back then:
- US Median household income was $9,870
- The average US house cost approximately $23,000
- Chevy Impala, the best selling car in the US in 1970, had a starting price of $3,200
So you could go to your Chevy dealer and buy three Impalas in cash without triggering the cash transaction reporting requirement.
Today, thanks to the lack of adjustment for inflation, far smaller purchases like a high-end Apple Mac Studio computer purchased with cash would trigger a reporting event.
Adjusted for inflation, the threshold should be $82,422 today.
At the rate they are printing money, in a couple of decades you'll need to report every other grocery shop 😂
#bitcoin