Vegas Auto Gallery is seeing more Bitcoin payments amid the bull market.
A luxury car dealership in the state of Nevada has seen a steady surge in Bitcoin ( BTC ) payments
That’s evidence of the bull market that’s currently afoot as more and more investors buy premium sports cars with their holdings.
The Vegas Auto Gallery dealership has models from Aston Martin, Bentley, Ferrari and Lamborghini. It recently sold two premium sports cars worth more than $ 6 million and accepted the payment in BTC. As reported by the Wall Street Journal , owner Nick Dossa says about 3 to 5 percent of the dealership’s revenue comes from bitcoin transactions.
The dealership does not accept Bitcoin Bank app payments directly, but through BitPay, a third party payment provider. For BitPay transactions, BTC payments are settled in US dollars upon receipt. At Vegas Auto Gallery, there is a 1 percent fee on all Bitcoin purchases.
BitPay’s transaction fee is just as high
Dossa told the Wall Street Journal that his dealership is not taking any additional risk by accepting bitcoin payments. „It’s a very simple transaction,“ he said.
Although Bitcoin has been criticized for lack of payment channels, BitPay has hundreds of thousands of merchants worldwide as customers and offers Bitcoin buyers many options to spend their BTC.
The Lamborghini became the ultimate status symbol during the 2017 Bitcoin bull market. The latest visitor numbers to the Vegas Auto Gallery indicate that wealthy Bitcoiners are already spending their money after the recent price surge.
Bitcoin hit a record high on Wednesday after breaking the $ 28,500 hurdle. The market capitalization of the cryptocurrency topped $ 500 billion for the first time in history last week.