1 Bitcoin (BTC) still doesn’t buy an Italian luxury car. The cryptocurrency does, however, help this Lamborghini owner out more than once.
Payment in BTC for a Lamborghini repair
JayFab, manager of an auto repair shop in Kansas City, received his first Bitcoin payment, for repairing a Lamborghini :
“I worked on a Lamborghini Aventador today and got paid in crypto.”JayFab on Reddit
He charged $8,500 for the titanium exhaust system repair. Since the Lamborghini owner didn’t have any fiat on him, he then asked the mechanic to give him the address of his BTC wallet. JayFab accepted the offer.
The payment was the “first legitimate transaction” in cryptocurrencies for the entrepreneur, although he had dived into the sector in 2016:
“In 2016, I became deeply invested in the crypto industry to learn more, understand the technology and maybe get a second chance in the future.”
The cryptophile mechanic also sells on the BTC Bitify marketplace, his “exotic works” and “crypto-themed furniture and items.”
The BTC community at the interview
Some redditors, who reacted to JayFab’s post, asked him about the tax implications of such a transaction:
“Nice! If you’re in the U.S., how did it go with the payment? Did he pay you 35% more than you asked for to offset your future short-term capital gains tax bill?”
Redditor HDmac offered to help the garage owner if he wants to accept future Bitcoin payments via the Lightning network:
“I assume the payment was on-chain? If you need help configuring Lightning to accept BTC instantly and without charge, let me know.”
Fans of luxury cars and cryptocurrencies will likely be interested in the incredible story of an artist who literally blew up a Lamborghini to sell it as an NFT.