Post Oak Motor Cars, a luxury car dealership in Houston, Texas has become the first Bentley, Bugatti and Rolls-Royce dealer in the United States to accept Bitcoin, and also Bitcoin Cash. This is yet another milestone in Bitcoin’s worldwide adoption and another indication that it can be used as a currency to buy or sell anything no matter how expensive.
Meet the first Bentley, Rolls-Royce, and Bugatti dealership to accept #Bitcoin and #BitcoinCash: https://t.co/X0zBiPXylW
— BitPay (@BitPay) September 5, 2018
BitPay, one of the earliest and most popular Bitcoin payment processors, is teaming up with Post Oak Motor Cars to facilitate crypto payments. It converts the cryptocurrency directly to fiat at the time of sale if the merchant chooses, shielding merchants from market volatility. Market volatility is the main reason why selling expensive goods like luxury cars or real-estate for Bitcoin can be risky since the market can easily move 10% in a single day, which can ruin the sale’s profitability for the merchant. BitPay eliminates this problem.
Owner of Post Oak Motor Cars, Tilman Fertitta, says, “The rising of Bitcoin sparked my interest. Being a premier luxury car dealer, I always want to offer my customers the very best buying experience and this partnership will allow anyone around the world to purchase our vehicles faster and easier.”
BitPay chief commercial officer Sonny Singh, adds, “We’ve noticed people prefer to make larger purchases with Bitcoin since it is a simple way to make payments. This partnership is timely with the increasing popularity of Rolls-Royce, Bentley and Bugatti vehicles. Post Oak Motors has a great reputation of selling the finest cars and we are thrilled to be partnering with Tilman.”
The retail adoption of Bitcoin as a currency is one of the biggest factors that will drive up price long term. Right now, most major retailers don’t accept Bitcoin, leaving a tremendous amount of room for adoption by retailers.
That being said, just about every good and service on the planet can be bought with Bitcoin but this usually requires middlemen. Ultimately, corporations and retailers will recognize Bitcoin’s security and efficiency as a currency and will offer direct Bitcoin payments, cutting out intermediaries and reducing costs for Bitcoin users.
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