If a farmer plants a crop in the Netherlands and harvests it inn the fall but does not sell the grain... He has the option to store the grain and sell it next year. When does it become taxable as income? In the U.S., it is taxable when it is sold for fiat.
Although the situation is not exactly the same, it is very similar.
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I like your analogy a lot. What's the tax rate when he sells it to fiat?
In the U.S the tax rates change based on type of tax and personal tax brackets. Taxes are also different in each State. Taxes here are impossible to resolve.
Yes, I agree @doctorjohn ,and pls read my comment above.The same I believe is true for earnings. If I earn 100 one day teaching and put it in a bank account, and it grows to $500, I do not pay income tax on the growth rate of $500. I pay it on the initial $100. Same should hold true for crypto. If he reinvested his steem, which he did, the growth should not be taxed as earnings, right? Just a thought. Blessings.