Las Vegas luxury auto dealership rakes in Bitcoin payments

Vegas Auto Gallery has seen an influx of Bitcoin payments amid the bull market.

A luxury auto dealership in Nevada has reported a steady increase in Bitcoin (BTC) payments, a testament to the bull market currently underway as more investors convert their holdings into high-end sports cars. 

Vegas Auto Gallery, whose inventory includes 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. As the Wall Street Journal reports, owner Nick Dossa says that roughly 3% to 5% of the dealership’s revenue comes from Bitcoin transactions.

The dealership isn’t accepting Bitcoin payments outright, but through BitPay, a third-party payment provider. BitPay transactions settle BTC payments in U.S. dollars upon receipt. In the case of Vegas Auto Gallery, a 1% fee is applied to all Bitcoin purchases, which is equivalent to BitPay’s transaction fee.

Dossa told the Journal that his dealership isn’t exposed to any additional risk by accepting Bitcoin payments. “It’s a very easy transaction,” he said.

Although Bitcoin has been criticized for lacking payment channels, BitPay has onboarded hundreds of thousands of merchants worldwide, giving Bitcoin buyers plenty of ways to spend their BTC.

The Lamborghini became the ultimate status symbol during the 2017 Bitcoin bull market. The recent foot traffic into Vegas Auto Gallery suggests that wealthy Bitcoiners are already splurging following the latest surge in price.

Bitcoin returned to record highs on Wednesday after clearing the $28,500 hurdle. The cryptocurrency’s market capitalization passed $500 billion last week for the first time in history. 

Vegas Auto Gallery did not immediately respond to a request for comment.
http://dlvr.it/RpdN4V

You might be interested in …

Craig Wright Plans to Take Legal Action Against BTC Developers, Hopes to Recover Over $3B in ‘Stolen Bitcoin’

Uncategorized

Craig Wright, the individual that claims to be Satoshi Nakamoto, seems to be planning to initiate legal action against a number of open-source blockchain developers. Wright’s legal team, Ontier LLP, has allegedly sent letters to programmers who work on blockchains like Bitcoin, Bitcoin Cash, and Bitcoinsv as well. The self-styled Bitcoin inventor’s legal action letters […]

Read More

Experts debate whether NFTs really need blockchain

Uncategorized

Crypto YouTuber EllioTrades and law professor Edmund Schuster debated the value of NFTs and the role of blockchain in digital collectibles. At the BlockDown 2021 conference, EllioTrades, a crypto YouTuber and co-creator of the Superfarm NFT project, joined a debate about the value of nonfungible tokens with Edmund Schuster, associate professor of law at the […]

Read More

Strap in: New institutions wait for Bitcoin price rollercoaster to end

Uncategorized

Bitcoin market volatility is scaring off new institutional investors, but meanwhile, old ones continue to buy up the BTC dips. As a result of the ongoing uptrend, many prominent institutions from the realm of traditional finance have sought to join the crypto bandwagon so as to not miss out on the ongoing action. For starters, […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php