You can now buy a Bugatti, Bentley or Rolls-Royce in bitcoin if, for some bizarre reason, you believe this is the perfect time to shovel your crypto into fiat.*
“Post Oak Motor Cars is the first Rolls-Royce, Bentley and Bugatti dealership in America to accept bitcoin and bitcoin cash,” claims the company, owned by billionaire Tilman Fertitta, in a release.
But their claim to be the first to offer hypercars is carefully-worded – the first dealer of all three luxury marques? Probably true. The first to sell any of these extraordinary machines for Bitcoin? Ah, not quite.
There are plenty of dealers that will take your cryptocurrency and the surge in bitcoin prices has accounted for a good few of the supercars out there in the world.
Crypto Moguls Balling In Supercars
Lamborghinis, Ferraris, Bugattis and Paganis used to be the preserve of rock stars, athletes, bankers and entrepreneurs. Cryptocurrency has created a vast number of overnight millionaires that have treated themselves to an expensive toy or two. It’s still a neat service, though, and a sign of things to come.
“The rising of bitcoin sparked my interest,” said Fertitta. “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.”
In October last year Peter Saddington famously bought a Lamborghini with a bag of bitcoin that cost him just $115 in 2011. This one purchase has become a near biblical tale about the power of cryptocurrency as an investment, which hasn’t always panned out as well for everybody else.aui
As for the Bugatti… in January this year, Pagani of Newport Beach took the equivalent of $6 million in bitcoin for a Bugatti Chiron and Pagani Huayra Americano Tempesta. The bitcoin payment really isn’t that big a deal in this rarefied environment. Customers that buy the best supercars in the world generally aren’t looking for monthly finance deals and simply want to make a clean, recorded transfer of millions of dollars.
Clean Transfers, Away From Prying Eyes
Not all of the people with this kind of disposable income want to show it to their government. We can expect to see a lot more high-end cars, planes and even houses bought in bitcoin and other cryptocurrencies.
In December last year, a Chinese investor used Litecoin to buy four ex F1 cars in a $5.3 million deal. The cars didn’t come with any real heritage. The headline act was a 2011 Sauber C30 driven by Sergio Perez in the F1 World Championship, so these are hardly ex-Michael Schumacher Ferraris.
The intriguing point was, though, that the cars were fully functional and ready to go on track, so this particular buyer bought F1 cars to go out and drive.
Art Dealer Uses Crypto
London art dealer Eleesa Dadiani brokered the deal with Heritage F1 in the UK. Dadiani uses cryptocurrency payments to facilitate art deals on a regular basis. Trust is a big issue in the art world and with high-end cars. Escrow accounts and contracts inevitably make up a good part of the negotiation process.
Cryptocurrency can take the trust out the equation in the end, with smart contracts confirming that the money is in place and all the requisite inspections and verifications have taken place before the coins are transferred.
Crypto Allies Like This Will Help
Fertitta is a powerful ally, too, as he owns the Houston Rockets, Landry’s Inc restaurants, Golden Nugget Casinos and Hotels chain and a number of destinations that include the Historic Pleasure Pier, The Kemah Boardwalk and Downtown Aquarium.
So, it’s good that Fertitta is onside with the cryptocurrency revolution. He is one of the entrepreneurs that can help normalize cryptocurrency as a payment option, alongside cash and credit cards.
He isn’t the first to sell a hypercar with bitcoin, but it’s still a significant step in the right direction.
The author is currently not invested in any digital currency.
*Not a Fiat, just fiat.
Because a one-storey Rolls-Royce dealership is so last century.