Dutton Garage – a luxury car dealership in Australia – is partnering with crypto company Coin Spot to allow car buyers to purchase their next vehicles with digital currencies like bitcoin.
Dutton Garage Is Open to Letting People Buy Porsches with BTC
One of the big things that everyone forgets about crypto is that it was initially designed to serve as a payment method. Bitcoin, Ethereum, and many other altcoins to emerge over the last ten years or so were built as a means of pushing checks, credit cards, and fiat currencies to the side and give people more monetary independence.
Sadly, this has been a relatively slow journey given that many of these assets come with high levels of volatility, which has caused many companies and businesses alike to say “no” to crypto payments, claiming they are in danger of losing out on profits, and to a certain extent, we can’t really blame them.
Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store’s managers don’t exchange that bitcoin for fiat right away, and roughly 24 hours go by. The next day, the price of bitcoin has fallen, and that $50 turns into $30. The customer gets to keep everything he or she bought, but the store has lost money in the end. Is this a fair situation? Not everybody thinks so.
Companies like Dutton Garage are doing great things in the crypto space. They are pushing the initial goals of cryptocurrencies closer to reality and driving mainstream hype behind the growing industry. Gary Howells – chief product officer at Coin Spot – explained in an interview:
As Australians continue to look for more ways to find value in their crypto investments, Coin Spot’s partnership with Dutton Garage symbolizes our commitment to expanding the utility of crypto. With Web3, digital currencies are becoming more than a store of value, and instead, legitimate ways to purchase big-ticket items, whether that’s a Bored Ape non-fungible token (NFT) via Coin Spot’s NFT marketplace or buying a Porsche 911 with bitcoin from Dutton Garage. Increasing crypto’s utility is the key to driving mass adoption of what we believe is the future of finance. This partnership is only the beginning of Coin Spot’s ability to facilitate transactions within the luxury goods market.
Don’t Be Like Elon!
Dutton is clearly taking a page out of Elon Musk’s book. Crypto fans are only hoping it doesn’t excite, then disappoint buyers the same way the South African billionaire did.
Musk shocked the world last year when he suddenly announced that all crypto fans could buy Tesla vehicles with bitcoin, though he later rescinded this decision given he was concerned about the effects of crypto mining on Earth’s atmosphere, and he didn’t want to be responsible for further damage.