The crypto market is undergoing major changes triggered by a bill currently under consideration in the US Congress. It has several provisions that directly relate to crypto assets and Bitcoin. If adopted, then the price of leading assets could drop sharply. It is planned to accept it as soon as possible.
Since Elon Musk is very closely monitoring what is happening with Bitcoin and the general situation on the market, it is extremely likely that under the pressure of the aforementioned law, he will decide to get rid of BTC in advance.
Given the fact that Elon Musk does not like to suffer losses, a scenario may very soon be realized when he gets rid of Bitcoin in order to prevent future losses.
Since the crypto market players know how impulsive and quick in their decisions, the sale of Bitcoin on his part will cause a strong bearish impulse and then pessimistic forecasts of a drop in Bitcoin to $ 10,000 will come true.
Is such a decision by Elon Musk possible? Yes, since the bill directly states that it will expand the tax base for those who regularly provide services for the transfer of cryptocurrencies.
In addition, you will have to fill out, submit forms 1099, where you need to indicate all data about users. All of this is done to ensure that clients pay taxes in order to replenish the US federal budget.
However, such requirements can lead to the fact that most of the validators and miners will not be able to fill out such a form, since they simply do not have all the data. This may mean that a ban on working with cryptocurrencies will be introduced by law, or at least it will be tightly regulated.
It is worth noting that the Ministry of Finance had already intended to introduce norms regarding the verification of the identity of customers working with crypto wallets, but then this idea was abandoned.
Since the law can seriously complicate the activities of miners and validators, additional reporting will have to be submitted, it is highly likely that large funds will begin to get rid of Bitcoin and other assets.
And Elon Musk is known for his preference to be proactive, so you can expect such a step from him. He may well not explain the reasons for his action. Therefore, traders should be prepared for the fact that at any time Elon Musk will write a tweet in which he says that he sold all Bitcoin.
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