Luxury car dealership turns into bitcoin investor playground
Bitcoin appreciated by more than 300% in 2020, to trade above US$29,000.
A luxury car dealership in Las Vegas reported growth in sales with payment at Bitcoin. According to the Wall Street Journal, the Vegas Auto Gallery has become a playground for wealthy Bitcoin investors.
The dealership sells Ferraris, Lamborghines and other luxury cars of the Aston Martin and Bentleу brands. In recent days alone it has sold two sports Bitcoin News Trader review cars to customers who have paid over $6 million in Bitcoin.
The owner of the dealership revealed that sales with Bitcoin represent 3% to 5% of the company’s revenue.
Payment can be made through the platform BitPaу, which converts the digital currency into dollars at the time of payment. The platform receives a commission for the sales.
Despite constant criticism of Bitcoin as a form of payment, BitPaу serves hundreds of thousands of merchants around the world, offering bitcoin holders many ways to spend digital currency.
According to WSJ, the dealership takes no risk when accepting Bitcoin as payment. The dealership owner said he receives payment for the luxury cars within 24 hours after the customer sends the coins to BitPay.
„It is a very easy transaction,“ he said.
The buyer can also increase the transaction priority to be confirmed on the network as soon as possible, just set the fee, paying more or less according to the hurry.
Several market enthusiasts like to keep the currency waiting for more and more valuation, but who is spending the cryptomime can be easily understood as this year Bitcoin appreciated by more than 300% to trade above US$29,000.
People who bought the digital currency recently may not want to spend the asset, after all, why spend something that can potentially appreciate in the future?
Current buyers, therefore, are people who invested in Bitcoin longer ago and are now enjoying the profits.
Their logic is simple, „If I bought Bitcoin for $1,000 and today it’s $29,000, I can think of this as a nice way to diversify. The adoption of currency as a form of payment should also come from the people who own the cryptomime.
There aren’t many big companies that accept digital assets yet, but that’s about to change next year as Paypal will allow its more than 300 million merchants around the world to accept the currency.
Digital currency still has challenges to solve when it comes to smaller transactions, like buying a coffee in a restaurant, but startups like Bitpay are finding ways to solve that through application.