This theory does not seem legit at all. If people have no choice but to cash out of bitcoin to pay taxes, then the market should simply crash till the tax deadline - it should be a buyer's market. We have had a number of theories come up since btc price started correcting in Dec. It has been almost 4 months and I think this market is purely Technical analysis driven. There are a number of Hedge Funds and whales trading bitcoin with large capital but the market has yet to see long-only institution money come in. Once that happens, the correction will be over. Btc needs to become an asset class for institutions - capital comes in, vol goes down, bitcoin becomes a store of value and gets acceptance from merchants and we have a functional digital currency.
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