Tax Implications of Converting Excluded Foreign Income to USD (BTC, Wise)

Hey everyone,

I need clear answers on the tax situation regarding currency conversion (and perhaps cryptocurrency transactions) as a Filipino-American dual citizen.

I'm a dual citizen of the Philippines and the U.S. (at birth), I earned income in Philippine Pesos (PHP), and it was excluded under the Foreign Earned Income Exclusion (FEIE).

I'm soon moving to Texas, and I'd like to convert all that income into USD. I thought of running an international transfer with Wise, but also alternatively, converting the PHP income into Bitcoin, transferring the Bitcoin to my Robinhood account, and immediately liquidating it back to USD.

Now, let's assume that the transfer and liquidation were instant, and there were no gains or losses in the Bitcoin conversion process (no profit made during PHP to BTC or BTC to USD). Would those events be taxable? Are there any reporting requirements if I were to do a Bitcoin transfer? Or if Wise would be the better route, is the initial transfer from PHP to USD via Wise taxable, given that the income was excluded under FEIE?

Thanks in advance!