Watch Bitcoin.
There are tens of thousands of kids making thousands on GME. When this breaks many of them will have some pretty decent gains.
Now, since they literally do not know what they are doing, they are NOT going to withdraw the cash—that is not what they do. They will roll it into Bitcoin or some other crypto.
They will do this because it will move the asset. Second, a good many of them have no idea of their tax liabilities and they “think” bitcoin is anonymous.
“They” are wrong. It will be fun to watch the Gen Z message boards in April 2022 trying to come up with the cash to cover their liabilities, penalties, and detailing their day trading for the IRS.
My guess is this will start happening tomorrow for the next couple of days.
LOL. I hadn’t thought about that. I am going to let a buddy know.
He has the time and resources to get the tax help, but I bet he didn’t think about it.