It is always good to see more retailers accepting Bitcoin payments. Unfortunately, the process has traditionally been quite difficult, as many businesses still think of Bitcoin as being too volatile. Given the recent Bitcoin price swings, their hesitation is certainly understandable. One Lamborghini retailer near Newport Beach, California is now accepting Bitcoin payments through BitPay. Although this is not an indication of the entire company supporting cryptocurrency, it is still an intriguing development.
Bitcoin Brings the Lambos to the Yard
When people make bank, they often joke that they will buy a Lamborghini with their profits (at least that is the running joke among many Bitcoin investors). When altcoins or bitcoin spike in price, they will net Lambos as a result. Even though it is a bit of an inside joke in the world of cryptocurrency, one car dealer is making it a reality.
According to this image, Lamborghini Newport Beach is now accepting Bitcoin payments for all car sales. That is a significant development, but it could certainly be misinterpreted by the Bitcoin community. Just because one car dealer accepts Bitcoin does not mean the Lamborghini corporation itself is interested in cryptocurrencies. In fact, it is more realistic to think they are still pretty risk-averse when it comes to disruptive payment methods such as Bitcoin.
We also know this Newport Beach-based dealer accepts Bitcoin payments through BitPay. Considering how there is some backlash from the community against BitPay right now, this news is quite positive for the latter company as a whole. It also shows this Lamborghini representative has no intention of keeping money in Bitcoin unless absolutely necessary. Adding a payment method like this one is nice, but the money will still be converted to U.S. dollars.
On Reddit, there are some very bold claims circulating right now. Some people see this as “Lamborghini accepting Bitcoin,” which is anything but the case. Indeed, excitement often clouds people’s judgment. This is just one car dealership embracing Bitcoin payments which are immediately converted to U.S. dollars to protect against volatility. It is a Lamborghini dealership, sure, but neither the manufacturer nor any other outlets are dealing with Bitcoin just yet.
All things considered, this shows that car dealerships are not necessarily afraid to embrace Bitcoin. Independent sellers will have an easier time making that decision, for obvious reasons. A Lamborghini is not the only car one can buy with Bitcoin either, as the same principle applies to the Tesla models.
Convincing more merchants to accept Bitcoin payments is still a struggle. Even though the early adopters of this cryptocurrency are getting richer by the month – assuming they have not sold – most retailers still will not touch cryptocurrency with a ten-foot pole. We can only hope this situation improves sooner or later, as there is no reason not to accept Bitcoin payments – even if that means using Bitpay or similar services to convert to one’s local currency right away.