Elon Musk has announced that Tesla will begin accepting bitcoin as payment for its cars.
The first bitcoin investors who use the crypto-currency to buy a car, however, have to pay thousands in taxes, as the capital gains tax treats bitcoin purchases like the sale of stocks or other assets, but this is a real revolution that deserves a focus.
How I bought a Tesla with the money I made in crypto in 8 months.
When Elon Musk, CEO of Tesla, announced that it would be possible to buy Tesla’s with the famous cryptocurrency Bitcoin, I think I shed a tear. I’ve been trading crypto-currencies for 8 months now, I left with a hard-earned 3,000$ capital from a season in the mountains as a Barman. I decided to spend 800$ of this money on personal expenses and reinvest the next 2200$ in crypto-currencies.
Stable” crypto-currencies for safe growth
My investment was quite simple. I put 500$ in Ether, 500$ in Bitcoin and 1200$ in non-reference crypto-currencies, post ICO. The result was very simple. My investment in traditional and already solid crypto-currencies such as Ether and Bitcoin allowed me to grow my wallet quietly and without risk. I went from 1000$ to 20,000$ by buying and selling with a drop forecast. I used for that tools / platform of analysis / projection.
Cryptocurrencies not referenced for a poker growth
I then had much more luck with the investment of 1200$ in crypto-currencies not yet referenced in the major platforms. My strategy was very simple: I managed to identify the 4 largest crypto trading platforms that regulate / reference the best crypto currencies. I then studied the frequency of addition of new crypto currencies and I was able to have a calendar that told me when new crypto will be referenced in these platforms (within 6 months in advance).
Each time a platform was preparing to launch a new crypto, I would move to the 3rd step which is sourcing new crypto currencies that are very popular, with a large community and a large capital. These were the ones that had the best chance of being listed on the platforms and therefore gaining a lot of value.
The Secret to make money with cryptocurrencies
The secret is therefore to identify when the most famous crypto trading platforms (Binance, Crypto.com, Coinbase) are going to integrate new crypto currencies. And above all what would be its crypto currencies, looking at the number of token, the community, the white paper or plan, the vesting of the co-founders etc.
This strategy allowed me to identify the explosion of 3 crypto-currencies:
After 8 months, my 1200$ turned into 96300$ after being transferred into stable coin USDT.
Buying a Tesla With crypto is not easy
The first step was to convert the funds into bitcoin, I then had a trust wallet with all my bitcoin (representing about 124000$. I went to a Tesla store.
You have to know that Tesla will only accept exact amounts and will not refund payments sent to an incorrect alpha-numeric address.
In fact, a bolded passage punctuates the company’s Bitcoin Payment Terms & Conditions document with a warning that includes the following:
That document says nothing about tax liabilities, though this is another consideration for U.S. buyers. Under current policy, a purchase of goods or services made with cryptocurrency is a taxable event – even if it’s just a cup of coffee.
After knowing all this, I went to a Tesla store which accompanied me in the purchase and the deal was finished.
Update 10/08/2021: It is no longer possible to buy a Tesla with bitcoin or other cryptocurrencies.