There is a perception that Bitcoin investors don’t spend their Bitcoins, they hold on to them. However, it is also the case that there aren’t many opportunities to spend them, at least not for everyday items. However, luxury items are a different matter, and with so many Bitcoin owners having a substantial amount of assets, businesses selling high-end goods are increasingly looking at ways to target the Bitcoin owners’ market.
Cars have always proved to be popular with the ‘crypto class’ and the ‘When Lambo?’ mantra has shown the popularity of these Italian supercars in this sector. However, other auto manufacturers and car dealerships are getting in on the act. In the USA, Mustang is accepting Bitcoin as payment and in the UK, Stephen James BMW Group dealership is also welcoming customers with crypto to spend.
This is seen as a surprising development, because most of the sales of cars for Bitcoin are in the USA, with some in Australia and other places, but not in any numbers to get excited about.
Using Bitpay to process payments
It is interesting to note that the dealership is accepting Bitcoin through BitPay. This company is acknowledged as the world’s leading Bitcoin payment processor at the moment, and it has already added support for Bitcoin Cash transactions in the recent past. We don’t know if Stephen James BMW Group will accept BCH as well, but the fact that it is accepting Bitcoin at all is the message that the Kent-based company wants to get out to possible customers.
Car financing in the future
The news is also another example of a ‘use case’ for Bitcoin and may encourage other companies to add it as a form of payment. It is also an interesting sign of the times for car financing companies offering loans, especially those accepting crypto as collateral for a personal loan and suggests there may be more interesting lending options, in terms of fiat and crypto combinations, in the future.