Crypto art: the way BTC reaches $90K

[MrSpasybo 1049]

Musk stated that “Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet,” adding:

“I have not sold any of my Bitcoin.”

As reported by Cointelegraph, Tesla sold a portion of its Bitcoin holdings in the first quarter of 2021, generating net proceeds of $272 million.

 

Source: ‘I have not sold any of my Bitcoin’: Elon Musk

 

Tesla sold 10% of Bitcoin which they bought.

However, this is not the most important thing, even the fact that Elon Musk inadvertently admits he owns BTC is not something we notice. I want to talk about one more important thing that can make the buying pressure of BTC & the top altcoin increase terribly: accounting tricks with crypto.

+ If value of crypto decreases company that hoards crypto can use the lose to declare, deduct from the profits earned, leading to tax reduction;
+ If value of crypto increases, company does not have to pay additional taxes because it has not yet liquidated their crypto assets;
+ If company need, it could sell crypto to beautify the profit figures, Tesla did it by selling $110M in BTC and got a very nice accounting statement, making investors happy.

 

As such, we can see that other companies are just storing BTC, while Tesla uses BTC as an art of economics.

 

I believe that other companies have realized the potential of crypto in their own economies, and we will have more large businesses entering the crypto market to enjoy benefits of the art of accounting, which Tesla demonstrated.

 

Do you think this will be the main driver of BTC price reaching $90K-100K this year and total crypto cap reaches $6T?

[Whited35 15285]

On 4/28/2021 at 6:27 AM, MrSpasybo said:

Do you think this will be the main driver of BTC price reaching $90K-100K this year and total crypto cap reaches $6T?

More like yes. Tesla has cleverly managed to book profits off Bitcoin's trades and other institutions like Micro Strategy might also follow the similar track or they would have been already following this technique ! There are certain conditions to pay taxes to the government and Tesla is looking like to use the trick to manage everything so perfectly 😉

[piuri01 446]

I think that yes, this year 2021 is a year of a bull market, so we can expect bitcoin to reach 90 thousand dollars, even 100 thousand dollars, and that is that the currency grows when it has investment, that's what it is. making tesla, investing in it so it can grow.

[MrSpasybo 1049]

9 hours ago, Whited35 said:

More like yes. Tesla has cleverly managed to book profits off Bitcoin's trades and other institutions like Micro Strategy might also follow the similar track or they would have been already following this technique ! There are certain conditions to pay taxes to the government and Tesla is looking like to use the trick to manage everything so perfectly 😉

@Whited35 Yeah, if it is true that other companies wanted to perform the accounting magic with Bitcoin as well, like Tesla, $4T wouldn't be a huge sum of money for their financial ability. Hopefully we'll see this wave of Bitcoin adoption method in short term, which will be a way to keep bullrun going next year instead of ending in 2021.

[Merry Cherry 670]

As we all know the value and price of bitcoin always flactuates due to this it sometimes incread and sometimes decrease . It may take log time to reached $90K. Almost 5 to 10 years. As the people getting awareness and show interest on it. 

[Nor88 202]

Can we understand that Tesla is trying to elusively manipulate taxes, but we really hope for the price of cryptocurrencies to rise and find faster ways to collect bitcoin and digital currencies?

[MrSpasybo 1049]

3 hours ago, Merry Cherry said:

As we all know the value and price of bitcoin always flactuates due to this it sometimes incread and sometimes decrease . It may take log time to reached $90K. Almost 5 to 10 years. As the people getting awareness and show interest on it. 

@Merry CherryI don't think BTC takes another 5-10 years to reach 90K-100K, BTC can do it in 2021. Even according to PlanB's S2F model, after 5 years the BTC price will be 1M USD ^^

[dlal88 725]

My friend, there are a lot of factors affecting the rise and fall of the Bitcoin currency, and the most important factor is the supply and demand for this currency, where we see the fluctuation of the prices of these currencies and I think that the price of Bitcoin in the coming years will reach 90 thousand dollars and maybe more, but it may take several years as the currency Grow and increase in investment

[Amer sada 133]

I think that the price of the currency is related to the amount of trading in it, and Bitcoin has become a popular currency and trading in it continues, I do not have enough experience to know the price that Bitcoin can reach, but I know that it is a strong currency and the demand for it is increasing, and I expect that reaching 90,000 dollars is difficult and cannot be achieved One year, but it takes several years.

[ARSALS 419]

yes my friend you are right I think it will reach 100000 dollar after sometime it will able to to reach its maximum value so so I think it also come down so wait and watch when it comes down and then you invest your money.