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Posted on 03/24/2021 8:47:57 AM PDT by aMorePerfectUnion
Yesterday, Bitcoin gained 0.48% against the US dollar, hitting the $54,331.0 level at the end of the session and breaking a two-day losing streak. Other cryptocurrencies did not follow suit, such as Ethereum which continued losing ground, falling by 0.85% and closing the session at the $1,668.77 level. Dogecoin followed, which fell by 2.72% against the US dollar and closed at the $0.053423 level.
Recently, Elon Musk said that Tesla will accept Bitcoin as payment, making official an announcement he made some time ago that pushed up enthusiasm for crypto in the markets.
"You can now buy a Tesla with Bitcoin," he tweeted, adding that Tesla is intending to manage Bitcoin payments using their own software and operate Bitcoin nodes directly.
Increasing institutional adoption, as well as fears for inflation, have been favoring Bitcoin's performance, even though there are still important investors and politicians that have expressed their doubts about them.
(Excerpt) Read more at dailyforex.com ...
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More of article at link
But does bitcoin accept Tesla as payment? Nooooo!
FWIW, I know of at least three dealerships in South Florida that accept cryptocurrencies. There’s one in MIA that has been doing it for years. There may be way more than three, but there’s only three I’m certain of.
LOL! And the monkeys push Bitcoin up $4000 within hours after this release. Not like TSLA has anything to gain from manipulation, right? They only own $2.1 billion in bitcoin after all.
The CCP is very happy ... 80% of bitcoins are “mined” in China
Is this a taxable event? Would you be required to pay the capital gains (if there are any. Most likely would be the case since btc has skyrocketed) to the IRS at the point you buy your tesla? If I bought one bitcoin when they were at 3K and went and bought a tesla, do I owe cap gains on the approx. 52K in gains?
no, not currently. same as stocks.
Thanks! I mentioned this on the other thread. :)
Yep
How much do they charge per transaction?
Only when you sell and realize the gain.
Coinbase charges 1.5%.
Can i ask a stupid question? Will Tesla give a price in bitcoin, to tell customers a Tesla car will cost “X” amount in bitcoin? Will they deal.with exchange rates between dollars and bitcoin?
Yes. The IRS requires any - emphasis on ANY - bitcoin transaction be reported to the IRS. If you’ve owned the bitcoin longer than a year, you’re going to owe capital gains taxes on purchase (presuming of course your asset has appreciated since your initial investment).
I have no idea who the mechanics of the transaction are recorded by the dealership....but, I’m sur they’re recorded.
Yes, if you choose bitcoin as a payment option, they will tell you the cost in bitcoin and give you a QR code to facilitate the transfer.
That’s my understanding.
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