U.Today Franchise
0
📰 News

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

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Yuri Molchan
    📰 News

    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

Bitcoin dump could be caused by those wishing to pay less in taxes, suggests Tuur Demesteer
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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.

Bitcoin price below $6,800 CMC
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.

👉MUST READ

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

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.

Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

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.

Recommended articles
CLOUD MININGPromoted
0
📰 News

Ethereum’s Vitalik Buterin: Fiat Money Will Not be Destroyed

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Vladislav Sopov
    📰 News

    Vitalik Buterin, Co-Founder of the Ethereum Foundation and “father” of Ethereum, sat down with Eric Weinstein on The Portal podcast to discuss “old” and “new” economics.

Vitalik Buterin, Ethereum: Fiat Money Will Not Be Destroyed
Cover image via www.youtube.com
Contents

Two intellectuals, Vitalik Buterin (Creator of Ethereum), and Eric Weinstein (PhD, scientist, and Managing Director at Thiel Capital), recently sat down on The Portal to discuss Mr. Buterin's attitude towards the "classic" economics theory.

Libertarianism and Diversity

When both individuals discussed libertarianism, Vitalik Buterin said that libertarians mostly belong to two large groups characterized as either a "leave me alone'" or "conquer the world" approach. This divergence can be extrapolated into cryptocurrencies in terms of their mass adoption.

Mr. Buterin highlighted that there are participants within the crypto community that are assured that fiat currencies will be destroyed and replaced by Bitcoin (BTC). In general, Mr. Buterin estimated that the prospects of any "short-term disruption" for the sake of some "nebulous long-term gain" is skeptical. He said:

I'm definitely not in the camp that actively relishes that fiat currencies will be destroyed. 

Mr. Buterin added that several members within the Bitcoin community share this belief.

👉MUST READ

Are Ripple and XRP Getting Ready to Replace SWIFT?

Are Ripple and XRP Getting Ready to Replace SWIFT?

Peaceful Coexistence

Vitalik Buterin predicts that Bitcoin and other cryptocurrencies will coexist with fiat money and balance the disadvantages of the classic monetary system. He also added that cryptocurrencies will provide "checks and balances" against a government monopoly on "issuing money" rather than "replacing it entirely".

👉MUST READ

Stablecoins Growing in Popularity, Showing Potential to Replace Fiat Later On

Stablecoins Growing in Popularity, Showing Potential to Replace Fiat Later On

Mr. Buterin is well-known as a champion of pluralism in future world of cryptocurrency. He is sure that different communities will defend their views on its development.

Will crypto one day replace fiat money? Tell us your opinion on Twitter.

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Recommended articles
CLOUD MININGPromoted