Bitcoin experienced almost up to 65% decline this year and taxes are to be blamed, is what the crypto space is talking about. With the market rebounding strongly, these issues are almost diminishing. People realized way more tax gains in 2017 than expected and people have to still pay them despite the market’s current stature. They have to sell twice as much as even considering the prices last week and this demands users and Bitcoin holders to sell more of their portfolio.
Spencer Bogart, a Blockchain Capital partner told CNBC:
“The tax selling has been a very real thing, accelerating over the past couple of weeks. It won’t surprise me as we get a bit closer to Tax Day that some of the pressure, that selling pressure, is starting to ease a bit.”
Spencer comments on the green-lit market during a talk on CNBC:
“I don’t think I can call this the end of a bear market as there could still be some regulatory issues to drop but the tax selling has been a real thing and has accelerated recently.”
He was exposed to a bunch of statements which he distinguished as facts and fictions while explaining his answers.
Here are the facts that he categorized from the lot:
- Tax selling is behind the recent Bitcoin decline
- Bitcoin will be the best performing currency of the year – A lot of regulatory overhang here and BTC is in the safest place out of all the other currencies as a lot of them have had ICO’s attracting the SEC. Bitcoin cleanly falls on the safe side of the SEC.
He also says:
“Bitcoin won’t get back to December highs this year – not sure that it will, but its very easy for BTC to reach 19k or 20k, the highest in December. It won’t be difficult for a large capital to move into space and push the prices up significantly.”
Bitcoin has been ruling the crypto market forever and with the market lit in green and unexpected hikes of $1000, BTC holders are really excited and have got their hopes high again.
The post ‘Bitcoin [BTC] is the safest in SEC terms’ – Says a blockchain capital partner appeared first on AMBCrypto.
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