The Rising Influence of Rising Affluence

[DewDiligence]

Buying a TSLA with bitcoin doesn’t work from a tax standpoint:

https://www.wsj.com/articles/tesla-versus-the-taxman-11616767630

Say a buyer from California pays for its entry-level Model 3 sedan with $33,690 in bitcoin purchased three months ago. At the marginal tax rate of the average Model 3 buyer according to automotive research firm Hedges & Co., she would owe $4,056 at the federal level and $1,572 to California for short-term capital gains. Starting this year, cryptocurrency ownership has to be reported on federal returns under penalty of perjury.

… compared with, say, a rebate-eligible Hyundai Ioniq EV with an almost identical sticker price paid for in legal tender, the Tesla Model 3 buyer using appreciated bitcoin would pay 53% more after taxes.

The whole idea of TSLA’s accepting bitcoin might be just a promotional stunt.