Buying Cardano is a Taxable Event?

Hi All,

I was considering buying Cardano but found that you need to purchase Bitcoin first.

According to the lovely IRS,

• "Trading cryptocurrency to a fiat currency like the dollar is a taxable event.
• Trading cryptocurrency to cryptocurrency is a taxable event (you have to calculate the fair market value in USD at the time of the trade; good luck with that)."

Does this mean you actually need to report and pay tax on buying Cardano with Bitcoin? And on that note, how the heck do you report gains if you're just holding Cardano?

Thank you in advance.