Capital gains tax when selling an investment for bitcoin?

When you sell the asset for 200K profit: assume there will be a tax record. That is true if you are selling a house, or a bunch of shares of an individual stock or a mutual fund or an ETF. Unless the entire transaction is done out of view of the normal channels there will be a tax form submitted to the IRS

Of course even if the tax form wasn't triggered, that wouldn't change the the obligation to report the transaction and then calculate the amount of tax owed.

In your question you are hoping that the act of transforming the proceeds into a virtual currency can delay or even avoid the capital gains. But that would require that the basis of the virtual currency purchase not be reported as the value of the virtual currency at the moment of transfer, but it would take into account the deferred capital gains. If that option existed, there would be a tax form related to that sort of thing.

The US tax law does allow this sort of thing when exchanging like kind property called a 1031 exchange. But that has its own regulations and paperwork, and also requires that the properties be similar real properties,