Wall Street Analyst Believes Tax Season will Cause Crypto Selloff

Crypto

Wall Street analyst Thomas Lee believes that tax season will cause a massive crypto selloff, as reported by CNBC. Why? Because U.S. households likely owe as much as $25 billion in taxes on cryptocurrencies.

Lee, the head of research at Fundstrat Global Advisors, predicts that this large amount will lead to people getting rid of their crypto before the mid-April tax filing deadline. This is to avoid having to pay taxes on any capital gains earned through cryptocurrencies.

Lee stated that “this is a massive outflow from crypto to USD and historical estimates are …

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