I am not a tax expert but it seems like it would be a bad idea to cash out all of your gains in one year and achieve the highest tax bracket. Instead of cashing out $400,000 EUR in one year it might be a better idea to cash out $50,000 EUR over 8 years.
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Well, precisely that same logic could be argued for why many are delaying converting more of their holdings to fiat, if the price started exploding last year, and many are in places like the EU/US/JP where large amounts would be taxed heavily then it could explain why there isn't more selling action by medium-sized wallets even at these prices. Many are probably just waiting on capital gains year holding to take effect, which would depend on when they bought in.