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 shrunk 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 sold for four bitcoins on a website focused on used luxury cars.
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 higher prices. For example, we can see on cryptoemporium which the vehicle is being sold for a modest amount of 8 bitcoins.
Ferrari sold by Bitcoin in Italy
Ferrari’s announcement for Bitcoin in the UK shows a trend that started in mid-2020. Sellers are increasingly accepting digital assets, 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 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 them 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 selling 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.