Bitcoin as Foreign Currency for Tax Purposes

Tax season is upon us, and official as of September 2021, Bitcoin is technically a foreign currency (thanks to El Salvador). I spent some Bitcoin last year, and I want to know if I can claim any tax benefits by labeling my bitcoin transactions as one involving foreign currency instead of as property.

I did some quick reading here:

https://www.mwe.com/insights/what-is-the-significance-of-virtual-currency-not-being-taxed-as-currency/

https://www.law.cornell.edu/uscode/text/26/988

If someone with more experience in US tax matters can comment, I would greatly appreciate it.

submitted by /u/Cromulentizer
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