BLOCK LAUNCHES ITS FIRST BITCOIN AD CAMPAIGN, “BITCOIN DOES” — SEN. DAINES’ ADAPT ACT WOULD EXEMPT STABLECOIN PURCHASES FROM GAIN OR LOSS — SPENDING BITCOIN STAYS TAXABLE, EXCEPT FEES OF $10 OR LESS

Block launched its first consumer ad campaign for bitcoin on October 1, 2026, under the line "Bitcoin Does." It runs on YouTube, X, Meta, Instagram, Fox Sports and some movie screenings through December 31. Block's bitcoin lead, Miles Suter, said Cash App, Square and Bitkey "are helping make bitcoin more accessible and useful."

A day earlier, Senator Steve Daines released the ADAPT Act, a crypto tax bill. Its biggest break is for dollar stablecoins: "No gain or loss shall be recognized on the sale, exchange, or disposition of covered payment stablecoins to purchase products or services." The coin has to be on Treasury's list and bought within 3 percent of $1.00.

Bitcoin gets no such line. The only small-amount break in the bill covers fees: no gain or loss when the digital assets used to pay a transaction's costs come to $10 or less. Buy a coffee with a stablecoin and there is nothing to report. Buy it with bitcoin and you still have a gain or loss on the sats you spent. The House bill that cleared Ways and Means in September drew the same $10 line.

So the company asking Americans to spend bitcoin is asking them to keep a tax ledger for every purchase, while the dollar token gets treated like money. Money that is taxed each time it is spent mostly gets saved. At the time of this writing, bitcoin was $84,483.