Luxury cars are now sold using Bitcoin

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The most recent case is a second hand Ferrari GTB 488 that is being sold for 4 bitcoins on a website focused on used luxury cars.

After Tesla announced that it has started accepting Bitcoin as payment for its electric cars, the cryptocurrency market has started to speculate which will be the next automaker to follow the move.

While no companies like GM, VW or Fiat make the expected announcement, Bitcoin holders are starting to see ads for luxury cars being sold in digital currency. The most recent case is a Ferrari model GTB 488 that is being sold for 4 bitcoins on a website focused on used luxury cars.

The 4 bitcoins are valued at more than US$228 000, and the seller made a point of leaving in the title of the ad that accepts the digital currency.

According to the description of the advertisement, the car had only one owner and is in the United Kingdom.

However, there are other cars of the same model to be sold at even more expensive prices, as for example we can see on cryptoemporium which the car is being sold for the modest amount of 8 bitcoins.

Ferrari sold by Bitcoin in Italy

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Ferrari’s announcement for Bitcoin in the UK shows a trend that started since mid-2020. Sellers are increasingly accepting the digital asset, and new Bitcoin millionaires are starting to spend more.

In February of this year a Ferrari 360 model was sold by Bitcoin in Italy. The dealership that sold the car was Veloce Classic, which used the startup Tinkl in the operation. Tinkl is a fintech that designed and developed the first Bitcoin payment processor in Italy. It gave the concessionaire the ability to accept payments in digital currency and convert to local currency.

After the operation, the dealership converted and drew euros, instead of Bitcoin. Therefore, some new market participants have no interest in maintaining Bitcoin due to volatility. For this reason Tesla stands out, since it announced that when selling cars via Bitcoin it will not convert the coins to dollars, but keep the cryptocurrency.

There are also several sites specializing in the sale of luxury cars with Bitcoin payments, such as Bitcars or Buysellcarwithbitcoin.com, where you can find all the ads of owners willing to accept digital currency as a form of payment.

As the movement is still in its infancy, those dealerships that are starting to accept Bitcoin are becoming playgrounds for Bitcoin millionaires. That’s what happened to a dealership in Las Vegas, which saw sales growth with Bitcoin payments. In the past few days alone she has sold two sports cars to customers who have paid more than US$6 million in Bitcoin.

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