Luxury Car Dealers Record Rising Payments in Bitcoin
Nevada based luxury auto dealer is seeing a steady rise in payments via Bitcoin (BTC), reflecting the prevailing bullish sentiment in Bitcoin market, increasing adoption of Bitcoin and huge crypto investment gains that have enabled investors to go for high-end sports cars.
Vegas Auto Gallery, which offers a wide range of high-end cars, including Aston Martin, Ferrari, Bentley and Lamborghini, sold two premium sports cars by accepting over $6 million in Bitcoin.
The owner of the dealership, Nick Dossa, has stated that about 3% to 5% of the firm’s revenue is generated in the form of Bitcoins.
The dealer does not accept Bitcoin payments straightaway, but via BitPay, which facilitates third-party payments. BitPay processes the Bitcoins received and remits the US dollar to the dealer. With respect to Vegas Auto Gallery, a 1% charge is applied for all transactions involving Bitcoins. Notably, BitPay applies a transaction fee of 1%. So, the dealer does not charge anything extra.
Dossa clarified that his business does not face any risk by accepting payments in the form of Bitcoin. He stated “It’s a very easy transaction.”
While Bitcoin faces severe criticism for the lack of adequate channels accepting it as payment, BitPay has signed up hundreds of vendors across the globe, paving way for numerous shopping options for Bitcoin enthusiasts.
Three years back, Lamborghini turned out to be the best possible status symbol for Bitcoin holders. The foot traffic data of Vegas Auto Gallery indicates that rich Bitcoin holders have resorted to treat themselves with the wealth generated by investing in Bitcoin.
Bitcoin, notably, hit new all-time peak of $29,285 Wednesday. Furthermore, the crypto’s market cap crossed $500 billion for the first time in history.