U.S. households likely owe $25 billion in capital gains taxes for their cryptocurrency holdings, which could result in "massive" selling of the digital currencies into U.S. dollars by the mid-April tax filing deadline, one Wall Street analyst said. "This is a massive outflow from crypto to USD and historical estimates are each $1 of USD outflow is $20-$25 impact on crypto market value," Thomas Lee, head of research at Fundstrat Global Advisors, said in a Thursday report. Formerly chief equity strategist at J.P. Morgan Chase, Lee is the only major Wall Street analyst to formally cover bitcoin and other cryptocurrencies. "Additionally, we believe there is selling pressure by crypto exchanges who are subject to income tax in U.S. jurisdictions," Lee said. "Many exchanges have ...
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