Vegas Auto Gallery, a luxury auto dealership in Nevada, has sold two high-end sports cars to customers, who paid more than $6 million in Bitcoin (BTC).
It has been reported that Nick Dossa, the owner of Vegas Auto Gallery, said that around 3% to 5% of the dealership’s revenue came from Bitcoin transactions.
However, the dealership is not accepting Bitcoin payments outright, but through BitPay, a third-party payment provider. BitPay transactions settle BTC payments in US 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.
Is it too soon for Lambo season? One Las Vegas luxury car dealer is doubtful as crypto payments for high-end vehicles grows. https://t.co/G49h5HTruL — Cointelegraph (@Cointelegraph) December 31, 2020
According to Dossa, his dealership is not exposed to any additional risk by accepting Bitcoin payments.
He added:
“It’s a very easy transaction.”
Likewise, BitPay has onboarded hundreds of thousands of merchants worldwide by giving Bitcoin buyers plenty of ways to spend their BTC, although Bitcoin has been criticized for lacking payment channels.
The Lamborghini became the ultimate status symbol during the 2017 Bitcoin bull market.
Thus, the recent foot traffic into Vegas Auto Gallery suggests that wealthy Bitcoiners are already splurging after the latest surge in price.
Source: Cointelegraph