A Nevada luxury car dealership reports a steady increase in Bitcoin (BTC) payments, a testament to the rising market that is currently underway as more investors convert their holdings into high-end sports cars.
Vegas Auto Gallery, which features makes and models from Aston Martin, Bentley, Ferrari and Lamborghini, recently sold two high-end sports cars to customers who paid more than $ 6 million in BTC. Like the Wall Street Journal reportsowner Nick Dossa says about 3% to 5% of the dealer’s revenue comes from Bitcoin transactions.
The dealer does not accept Bitcoin payments directly, but through BitPay, a third-party payment provider. BitPay transactions settle BTC payments in US dollars upon receipt. In the case of Vegas Auto Gallery, a 1% fee is applied to all Bitcoin purchases, which is equal to BitPay’s transaction fee.
Dossa told the Journal that his dealership does not take any additional risk by accepting Bitcoin payments. “It’s a really easy transaction,” he said.
While Bitcoin has been criticized for lack of payment channels, BitPay has given hundreds of thousands of merchants around the world onboarding by Bitcoin buyers plenty of ways to spend their BTC.
The Lamborghini became the ultimate status symbol during the Bitcoin bull market of 2017. Recent foot traffic in Vegas Auto Gallery suggests that wealthy Bitcoiners are already saving after the latest price hike.
Bitcoin returned to record highs Wednesday after clearing the $ 28,500 hurdle. The cryptocurrency’s market cap exceeded $ 500 billion last week for the first time in history.
Vegas Auto Gallery did not immediately respond to a request for comment.