What if You Bought a Car with Crypto?
I'm not just talking about Tesla here...
In case you haven’t noticed, it’s becoming “cool” to make major purchases with crypto.
Real estate. Jewelry. Fine art. Travel.
And… cars?
Yep, cars too. More dealerships are accepting crypto for payment and more buyers are willing to use crypto holdings as collateral to get the deals done. While Tesla famously led the way on accepting Bitcoin and Dogecoin at various points during the last few years, the idea of accepting for crypto for cars is going mainstream now.
We probably have capitalism to thank for that.
Just this month, an auto dealer in my community sold a car to a customer who paid in Ethereum. Jeff Wyler Automotive Family sold a pre-owned 2021 Mercedes-Benz S580 to a buyer from Saudi Arabia. The purchase happened at their Ft. Mitchell, KY store, and employees say the transaction moved faster than a wire transfer. Overall, the dealership group has agreed to accept 12 major cryptos for payment at their 23 locations in Indiana, Ohio, and Kentucky.
In Towson, MD, a Porsche dealer has also begun accepting crypto for payment through BitPay.
Two more steps on the road to widespread crypto adoption!
What do you think? Would you pay for a car with Bitcoin? Would you buy one with crypto?
Plus…
Ukraine’s National Bank has announced some changes for that crypto friendly country.
Vice has a fascinating article on what happened to Bitcoin mining companies after China banned them.
The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.