Rolls-Royce, Bugatti and Bentley Dealership In Texas, USA Now Accepting Bitcoin
A top U.S luxury auto retailer has announced that it accepts payments in both Bitcoin (BTC) and Bitcoin Cash (BCH) for its range of luxury cars.
A top U.S luxury auto retailer has announced that it accepts payments in both Bitcoin (BTC) and Bitcoin Cash (BCH) for its range of luxury cars via BitPay.
Post Oak Motor Cars, owned by billionaire U.S businessman Tilman Fertitta, becomes the first American Rolls-Royce, Bugatti and Bentley Motors dealership to accept crypto payments.
Below is a listing we retrieved from the company’s website:
The decision to accept the crypto payments really stems from Bitcoin’s popularity and its remarkable 2017 price jump. Post Oak Motors owner Fertitta explained the move, saying that the crypto boom “sparked my interest”.
Bitcoin (BTC) payments via crypto processor BitPay
According to the company’s press statement, the auto retailer will utilize the integrated infrastructure of BitPay, a leading Bitcoin payment processor to facilitate the payments.
Partnering BitPay allows the Texas-based car seller to accept bitcoin and bitcoin cash payments from its clients around the world, while buyers experience “faster and easier” deals.
As a result, he wanted his premier company to seize the opportunity and benefit from the new payment options. Fertitta said that the decision to accept crypto was mainly due to the desire to offer customers the best experiences when buying.
BitPay representatives have also expressed excitement at the partnership. The provider’s Chief Commercial Officer Sonny Singh said that the growing popularity of Bitcoin and its ease of use for making larger purchases influenced their deal with Post Oak Motors.
“We’ve noticed people prefer to make larger purchases with bitcoin since it is a simple way to make payments,”
He added that the partnership represented the right move for the two firms, especially with the auto dealer’s great reputation as a seller of some of the finest cars around.
“This partnership is timely with the increasing popularity of Rolls-Royce, Bentley and Bugatti vehicles.”
The latest move by Fertitta is a complete turnaround for the investment guru. Before the Bitcoin peak of 2017, the billionaire stated that he did not see many people buying bitcoin because the Federal Deposit Insurance Corporation (FDIC) had not insured it.
He now holds the view that cryptocurrency and blockchain technology is likely to flourish in the coming years, just like the internet did not so long ago.
Crypto adoption on the rise
A poll by YouGov Omnibus released a few days ago showed that nearly 80 percent of Americans have heard of Bitcoin and 50 percent plan to invest over the next year. This increased awareness among the people is the first step towards acceptance and use of crypto.
Fertitta and his numerous businesses and companies may also play a role, with the publicity of using Bitcoin to buy a Rolls Royce or a Bentley influencing other major companies and brands into accepting crypto.
The business mogul owns Landry’s Inc., a premier restaurant chain in the US. He also owns the Golden Nugget Casinos as well as the Houston Rockets, an NBA team. There have been many comments on Twitter calling on the POM owner to also accept crypto in his other businesses.
Ford, Mercedes-Benz and more getting into blockchain
Crypto has also been gaining a lot of interest from other sectors of the car industry. Earlier in the year, established car maker Ford filed a crypto-related patent system with U.S authorities.
The system allows for the use of crypto in what they described as vehicle-to-vehicle communication to improve the traffic system within major cities.
Another crypto adoption product in the auto industry saw Mercedes-Benz maker Daimler AG release its own cryptocurrency called MobiCoin that would see drivers rewarded for engaging in eco-friendly activities while driving.
Widespread digital currency adoption may not be around the corner, but efforts like these and many other initiatives could see a radical shift to crypto.