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RE: At some point all the big Macro Funds will have a 1% position in Bitcoin
What is the effect of Tax Season on BTC, especially considering 2018 was a loss-year for virtually all crypto? Will tax refunds be a boon for crypto in the coming months? Or will a sell-off to cover 2018 due taxes continue to drag BTC down?
BTC is so volatile, that a 2x increase in price would not be unlikely before this proposed situation's 1% position happens-- arguably doubling the money in required to buy the target volume of BTC .
Also, the BTC community is composed of an undetermined number of HODLers that might not lower their respective asking prices, resulting in a gray area of what the price-rise would look like to actually fill the 1% positioning from Macro Funds.
My guess is that it would more likely be a boon. On years when bitcoin is down, tax returns likely offer some potential buying during the Spring of the following year. On years when bitcoin is way up (like 2017), taxes due in the Spring of the next year are likely a major drag on prices...