Tom Lee Predicts Cyrptocurrency Market Outflow to Fiat Currency Before Tax Day
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Re: Tom Lee Predicts Cyrptocurrency Market Outflow to Fiat Currency Before Tax Day
#2Due to the massive amount of capital gains taxes owed on crypto, Tom Lee believes there will be a sell off in order to pay these taxes. Following tax day, he believes Bitcoin will find footing again.
Re: Tom Lee Predicts Cyrptocurrency Market Outflow to Fiat Currency Before Tax Day
#3Due to the massive amount of capital gains taxes owed on crypto, Tom Lee believes there will be a sell off in order to pay these taxes. Following tax day, he believes Bitcoin will find footing again.
A decrease of $20 for every $1 pulled from the market seems a little steep...
Re: Tom Lee Predicts Cyrptocurrency Market Outflow to Fiat Currency Before Tax Day
#4I am really curious where he's getting the $25 billion in capital gains figure from the report, and what percentage of gains it assumes people realized.
Re: Tom Lee Predicts Cyrptocurrency Market Outflow to Fiat Currency Before Tax Day
#5I'm not familiar with this person so I followed the link to his previous prediction of BTC reaching "$25,000 by the end of 2018" from January: https://altcoinreport.co/tom-lee-predicts-bitcoin-price/
> “We expect bitcoin’s major low to be $9,000, and we would be aggressive buyers around that level … We view this $9,000 as the biggest buying opportunity in 2018.”
BTC is currently trading at about $6,500. At this point I'd sooner believe cartomancers when it comes to cryptocurrency market predictions, the market is too irrational and easily manipulated to make these types of predictions IMO. Might as well try to guess the outcome of tonight's lottery.
Re: Tom Lee Predicts Cyrptocurrency Market Outflow to Fiat Currency Before Tax Day
#6I’m sure altcoinreport.co is as reputable as, say, the Wall Street Journal
Re: Tom Lee Predicts Cyrptocurrency Market Outflow to Fiat Currency Before Tax Day
#7Due to the massive amount of capital gains taxes owed on crypto, Tom Lee believes there will be a sell off in order to pay these taxes. Following tax day, he believes Bitcoin will find footing again.
A decrease of $20 for every $1 pulled from the market seems a little steep...
Not if the entire market cap is based on wash trading, HODL, and speculation.
Re: Tom Lee Predicts Cyrptocurrency Market Outflow to Fiat Currency Before Tax Day
#8Due to the massive amount of capital gains taxes owed on crypto, Tom Lee believes there will be a sell off in order to pay these taxes. Following tax day, he believes Bitcoin will find footing again.
A decrease of $20 for every $1 pulled from the market seems a little steep...
Or maybe it's not steep enough. A forced-sell situation doesn't leave much pricing power. The classical Roman fire-sale is the archetypical case. Also I'm sure many taxpayers will elect not to pay the capital gains before tax day, deciding instead to ride out interest and penalties in favor for being able to sell at a higher price. This could get interesting.
I would love to see an after the fact analysis that deduces the relative market power of buyers and sellers from the transaction history.
Re: Tom Lee Predicts Cyrptocurrency Market Outflow to Fiat Currency Before Tax Day
#9Why would people wait till Tax day to sell in order to pay taxes?
Re: Tom Lee Predicts Cyrptocurrency Market Outflow to Fiat Currency Before Tax Day
#10Minor typo but can someone fix the title? Cryptocurrency is misspelled as Cyrptocurrency.