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Luxury Car Dealership Accepts Crypto Payments

Based in Houston, Texas, exclusive automobile retailer Post Oak Motors is the first dealership in the United States to accept cryptocurrency as a means of payment for luxury vehicles such as Rolls-Royces, Bentleys, and Bugattis.

The news was announced this week on Twitter by dealership owner and hospitality mogul, Tilman Fertitta, who posted:

“Exciting news! My Post Oak Motor Cars is the first Rolls-Royce, Bentley Motors and Bugatti dealership in America to accept Bitcoin and Bitcoin Cash for payments.”

Now customers from all over the world who wish to treat themselves to one of Fertitta’s luxury carriages can do so via BitPay, the largest bitcoin payment processor in the world. Established in 2011, BitPay was the pioneer for blockchain payments. Its services allow businesses to send and receive cross-border payments and manage digital assets

Famous billionaire, Fertitta and TV host of Billion Dollar Buyer on CNBC, said that he decided to offer the option of purchasing his vehicles with cryptocurrency due to the growing rise of bitcoin.

He said in a statement:

“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.”

Meanwhile, Sonny Singh, Chief Commercial Officer of BitPay, celebrated the partnership saying:

“We’ve noticed people prefer to make larger purchases with bitcoin since it is a simple way to make payment. This partnership is timely with the increasing popularity of Rolls-Royce, Bentley and Bugatti vehicles. Post Oak Motors has a great reputation for selling the finest cars and we are thrilled to be partnering with Tilman.”

Fertitta said:

“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.”

Meanwhile, Bitpay attributes the rise in popularity for its payment methods to their ease and convenience.

Sonny Singh, Chief Commercial Officer of Bitpay stated:

“We’ve noticed people prefer to make larger purchases with bitcoin since it is a simple way to make payments. This partnership is timely with the increasing popularity of Rolls-Royce, Bentley and Bugatti vehicles. Post Oak Motors has a great reputation of selling the finest cars and we are thrilled to be partnering with Tilman.”

According to Fertitta, the decision to accept crypto is aimed at enhancing the experiences for his elite customers who normally comprise celebrities, sports stars and business tycoons.

Fertitta, who acquired the National Basketball Association Houston Rockets team last year at a price of US$2.2 billion, has been a prominent advocate of bitcoin.

Earlier in the year, the TV star compared bitcoin to the internet and proclaimed that bitcoin would keep rising in popularity as a growing number of businesses across all sectors begin to accept crypto as a means of payment.

He also called for cryptocurrency to be insured by the US Federal Deposit Insurance Corporation to increase adoption.
He said in a TV interview:

“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.”

By Joy Lewis.