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 …

Survey: There Is ‘Significant Room’ for the NFT Market to Grow Despite Widespread Lack of Knowledge Among People

Uncategorized

A survey about non-fungible token (NFT) trends on crypto users revealed that 47% of correspondents had heard of NFT, and among these, 63% of them had only a basic understanding about it, while 57% of them had never used them. Survey Reveals Common User Has Just a Basic Understanding of NFT Market According to a […]

Read More

Bitcoin price tipped to consolidate before continuing bull run in 2021

Uncategorized

The Bitcoin price could stagnate until early 2021, various on-chain indicators show, as investors could take profit. The Bitcoin price (BTC) reached the $19,400 mark in the past 24 hours, which has served as a critical resistance level since the start of December. However, on-chain indicators show that the dominant cryptocurrency could stagnate or consolidate […]

Read More

‘If the water’s too clean there’ll be no fish’: China’s CBDC may hurt Macau’s casinos

Uncategorized

Macau’s gambling industry is reeling amid rumors that the city’s regulator is in talks with casino operators regarding the introduction of China’s digital yuan. China’s central bank digital currency is expected to further exacerbate Macau’s declining gambling revenues. According to a Dec. 2 article from Bloomberg, junkets — Macau businesses that act as middlemen to […]

Read More

Leave a Reply

Your email address will not be published.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

css.php