Tax Paying Americans Owe $25 Billion in Cryptocurrency

Tom Lee is well known for his statements about bitcoin and other cryptocurrencies. Lee’s firm Fundstrat designed a Bitcoin Misery Index and says taxes may be a catalyst for the current crypto-sell off. However, Lee still expects BTC to capture a value of $25,000 USD by the end of 2018.

Americans Owe Roughly $25 Billion in Taxable Capital Gains

Lee’s estimates stem from the record $590 billion cryptocurrency market valuation accumulated last year, which was 60 times larger than the year before. The Fundstrat advisor states that roughly 30 percent of the digital asset holders worldwide are Americans, and this means a representation of approximately $187 billion. Lee believes that the capital gains in the U.S. adds up to around $92Bn and there’s $25Bn in taxable liabilities on the line.

Moreover, Lee reveals his study shows there’s been increased cryptocurrency exchange sell pressure. “This is a massive outflow from crypto to USD and historical estimates are each $1 of USD outflow is $20 to $25 impact on crypto market value,” Lee’s analysis explains. Read More

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