Bitcoin Price May Be Dumping Because of Sell-Off to Pay Less in Taxes: Tuur Demeester

News
Mon, 11/25/2019 - 09:04
Yuri Molchan
Tuur Demeester from Adamant Capital suggests a cause for the recent Bitcoin price dump which he says he has not heard discussed yet – tax payment decrease
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Contents

Bitcoin price keeps plunging, with the flagship currency now trading below $6,800. The community is discussing various factors that could have triggered this massive price decline.

Image via CoinMarketCap

A founding partner at Adamant Capital Tuur Demeester suggests a new reason, which he says he hasn’t heard yet.

BTC sell-off to pay less in taxes

The trigger for the BTC price decline that has thrown the coin below $7,000 that the crypto expert from Adamant Capital has suggested is that investors (big ones, obviously) are selling their BTC stack to decrease their upcoming tax payments.

However, as per Tuur Demeester’s theory, they are selling now, planning to buy much cheaper later on and get back into Bitcoin.

Tom Lee and the community disagree

Chief Fundstrat’s expert Tom Lee disagrees with Demeester, saying that this hardly sounds like the truth since institutional investors do not lose money in liquid markets deliberately.

Other community members are also offering counter arguments to Demeester in the comment thread.

Some are supporting Demeester's theory.

Related
Bitcoin Price Could Form Major Bearish Pattern, According to Trading Legend Peter Brandt

'Bitcoin uptrend is still intact'

At the end of last week, Demeester from Adamant Capital tweeted that despite the recent losses in the Bitcoin market, the uptrend started by BTC back in 2015 is still intact.

The trading legend Peter Brandt responded to that that all Bitcoin bulls on Twitter must be purged. By Bitcoin bulls the old-school savvy trader perhaps meant those who wish to make some quick profit on Bitcoin and other crypto, ignoring natural market elements, such as the bears, corrections and volatility.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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