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.