A luxury auto dealership in Nevada has reported an increase in BTC payments made. The report speaks to the BTC price rally as mostly high value crypto holders convert their holdings into luxury sports cars.
Dealership does not accept BTC outright
The Vegas Auto Gallery recently sold two high end cars to customers who paid a combined north of $6 million in BTC. The luxury auto dealership which boasts of high-end models such as Aston Martin, Lamborghini, Ferrari and Bentley does not accept BTC outright. The dealership accepts BTC through BitPay (a reliable third party payment provider).
According to a Wall Street journal report, the dealership’s owner Nick Dossa said that roughly 3% to 5% of this revenue comes from BTC transactions. Although Bitcoin has been criticized in the past for lacking payment channels, third party platform Bitpay has onboarded hundreds of thousands of merchants worldwide. Thanks to Bitpay, buyers are spoilt for choice when it comes to ways of spending BTC. In the case of the Nevada dealership, a 1% transaction fee is charged for all BTC purchases which is equivalent to Bitpay’s transaction fee.
The Crypto wealthy making statement purchases
The last time the BTC price was anything resembling this high, Lamborghini cars were the statement purchases made out of BTC profits. It appears that the current BTC Bull Run is inspiring wealthy holders to again splurge on expensive cars. BTC is closing in on the $30,000 mark with analysts making ambitious predictions about where price could end up before the inevitable correction kicks in.
Image Courtesy of Pexels
