Bitcoin will do nicely for Houston luxury car dealer
A Houston, Texas-based luxury cars showroom is the first in the US to accept cryptocurrency as a means of payment for a Bentley, Bugatti or Rolls-Royce – although not for a Lamborghini.
Post Oak Motor Cars is owned by billionaire Tilman Fertitta, who a year ago bought the National Baseball Association’s (NBA) team the Houston Rockets, for $2.2bn.
Fertitta, known as a longtime supporter of crypto, confirmed on social media that the dealership will now accept bitcoin (BTC) and bitcoin cash (BCH) as payment for the luxury motors thereby breaking new ground in a segment that caters to athletes, celebrities and other elite clients.
He said that the decision to accept crypto is aimed at enhancing the experiences of customers.“The rising of bitcoin sparked my interest. Being a premier luxury car dealer, I always want to offer my customers the very best buying experience and this partnership will allow anyone around the world to purchase our vehicles faster and easier,” a statement added.
Bitcoin payments at Post Oak Motor Cars will be processed by Bitpay, whose chief commercial officer, Sonny Singh, has said most buyers prefer making big purchases using the largest cryptocurrency by market capitalisation due to its convenience.
Fertitta’s other roles include hosting theBillion Dollar Buyer reality television show on CNBC. Earlier this year he declared on the show that BTC would become a permanent feature and his businesses spread across various sectors would start accepting cryptocurrencies as means of payment.
However Fertitta argued that BTC should be insured by the US Federal Deposit Insurance Corporation (FDIC) to speed the rate of adoption.“Go to the bank and try to withdraw a million dollars, they don’t have the money. It’s just paper. That’s all bitcoin is, is paper, but it’s not insured by the FDIC today. And until it’s insured, a lot of people are never going to buy it,” he was quoted as saying in a television interview.
Fertitta is not the only NBA team owner to embrace cryptocurrencies. Mark Cuban, who acquired a controlling stake in the Dallas Mavericks back in 2000, announced earlier this year that the baseball team will accept BTC for tickets purchased during the 2018-19 season, which commences on October 16.