For investors who bought and / or held Bitcoin (BTC) when it was still worth less than $ 10,000, the current value of their wallets has more than tripled. With such added value, the temptation to indulge in a little treat is overwhelming, especially as the bull cycle continues. Among those who made this choice, some went to Las Vegas, a must-see place of lust and astronomical spending. Since their arrival in the city, Vegas Auto Gallery has seen a steady increase in Bitcoin payments for luxury car purchases.
About 3-5% of Vegas Auto revenue comes from Bitcoin transactions
Famous luxury car dealership in the city, Vegas Auto Gallery has brand-name cars in its imposing garage, such as Aston Martin, Bentley, Ferrari and Lamborghini.
Unusually, he recorded sales of premium sports cars worth a total of $ 6 million in BTC.
The concessionaire who does not directly support cryptocurrency as a means of payment uses the services of BitPay.
This last converts payments made in Bitcoin into dollars for a commission.
This amounts to 1% for transactions made to Vegas Auto Gallery.
In an interview with the Wall Street Journal, the owner Nick Dossa asserted that about 3-5% of the dealership’s revenue came from Bitcoin transactions.
He also made a point of telling the newspaper that his company was in no way exposed to any risk by accepting payments in Bitcoin.
He was delighted with the solution provided by BitPay.
With its impressive network of partner merchants around the world, the supplier effectively enables customers to have more payment solutions when shopping.
The Lamborghini: symbol of the bull run of 2017
Luxury car buying in the midst of the euphoria of the Bitcoin is not a first in the history of the asset.
In 2017, the Lamborghini became the ultimate status symbol during the Bitcoin bull run.
As at that time, the transactions recorded at Vegas Auto Gallery suggest that asset holders are already starting to compulsively shop.
It’s hard to blame them when you look at the current trend in asset prices and market capitalization.
This has indeed exceeded for the first time in its history the $ 500 billion mark and is expected to continue to climb.
Buying a luxury car from Bitcoin profits during a bullish cycle is therefore anything but a new fad among asset owners. Meanwhile, BTC whales keep buying more asset like the current trend among institutional investors.