Mark Moss bought a car by borrowing against his Bitcoin instead of selling it. He used a credit line, bought the car with zero down, and claimed the interest as tax-deductible. After eight months he sold the car, repaid the loan, and moved the cash back into Bitcoin, ending with a larger net position.
give you another example. So again, back to I have my assets and I have my liabilities here. Last year I saw this car that just caught my eye. I don't know why it was, but I saw this car that I just really wanted. I told my wife about it. She's like, what are you going to do buying this car? You don't even drive anywhere, you know, because I live by the beach. I take my golf cart everywhere, but I just wanted it. So what I did is instead of going and paying brand new and losing the depreciation on it, and rather than getting a loan and paying all the fees, I just took some of my Bitcoin right here, and I issued credit against that. I was able to get that and buy the car that I wanted by doing this, by removing some of this liquidity from my asset, from my Bitcoin asset here, I moved it into a car and that way I was able to do it for zero down. It cost me no money out of my pocket. I just literally transferred equity from my Bitcoin position over into the car. Now I did have payments that I had to make on the car, but I wasn't making payments on the car. I was making payments on my credit line that I had pulled against my asset. Now, this is not tax advice, talk to your own tax strategist on this, but typically when you pay interest, that's tax deductible. Just transfer liquidity from one asset, the Bitcoin, to the car that I wanted asset. The interest I was paying on that was tax deductible. I kept the car for, I don't know, it was about 8 months. And then I got rid of the car and then I put the money back into Bitcoin. Now in that transaction, my asset side, my balance sheet or my scorecard never went down. All I did was transfer equity from one asset to another. And when I was done with this asset, I I just moved it back over. Now I actually made money on the transaction. So instead of bringing my asset or my scorecard balance down, it actually went up from that transaction.
