Do American Car Dealers Accept Bitcoin and Will They in the Future?
A quick search will find that some car dealers in the United States do accept bitcoin for vehicle purchases, and one could assume as you dig deeper into some smaller independent dealerships that number could increase. However, don’t expect this to become the norm or even widely adopted anytime soon.
A recent shakeup in China saw the value of Bitcoin drop 30% in a week which meant that $1000 became $700 in essentially the blink of an eye. Although that loss was quickly recouped by what people saw as a buying opportunity, a car dealer would have seen it as a sign, a sign that they don’t need another uncertainty in an already uncertain market.
Let’s not also forget the tax uncertainty that any dealership would have to figure out when you sell a vehicle for X but only end up getting Y for the bitcoin you were provided. Here is just one excerpt from IRS bitcoin rules: “A taxpayer who receives virtual currency as payment for goods or services must, in computing gross income, include the fair market value of the virtual currency, measured in U.S. dollars, as of the date that the virtual currency was received.”Yeah, go ahead and just bring me cash!
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