Say I have a bitcoin that was worth $20.00 4 or 5 years ago. Say I cash it in (no idea how) and I get $20K so technically I've made a bigger than huge profit. How much of that would I have to pay in California and Federal taxes?
You are the first person i see here , who wants to pay taxes. are you serious with this question?
As I know in some countries government ask for taxes such as in Germany And also in my country they will start to take taxes from your profit which is called income tax. Some countries do not accept crypto coins as a money. So there is no proper regulation yet.