Bitcoin price: Why is Bitcoin crashing? Joe Biden tax triggers 'unintended consequences'

"No doubt, the more this new tax bill gains momentum in Congress, and the more it looks like it will actually pass, the more investors may sell some holdings to avoid paying the higher rate.

"However, this only goes for those who are intending to exit the market in the near term.

"For anyone who is in it for the long haul, which I suppose is most of us, capital gains will only be reflected once the positions are closed."

What does this mean? There is a chance crypto holders will offload some of their wealth to avoid paying a higher tax, even at the cost of losing out on gains.

However, Mr Greenspan added: "Of course, I have been wrong before."

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