If you’re in Ohio, Kentucky, or Indiana and you fancy purchasing an automobile with cryptocurrency, you may want to stop by the Jeff Wyler Automotive Family auto center. Recently, the company completed its first vehicular cryptocurrency sale, having sold a certified pre-owned 2021 Mercedes-Benz S580 to someone in Saudi Arabia.
Jeff Wyler Automotive Sells a Mercedes for Crypto
The news is solid in that it’s pushing the goals of cryptocurrency and bitcoin closer to being achieved. For many, the idea that bitcoin or its altcoin cousins will ever be used as a payment method is growing thinner every day. Many of these assets have taken on more speculative appearances in recent months and years given that several companies absolutely refuse to accept them for payments.
This is because many digital currencies continue to be plagued by volatility. At the time of writing, for example, bitcoin – the world’s leading cryptocurrency by market cap – has fallen to about $38,000 per unit. On paper, this may seem like a high number, but when one considers that BTC was trading for $30,000 higher than this just six months ago, there are clearly problems at hand.
While initially designed to push checks, credit cards, and fiat currencies to the side, this volatility has caused bitcoin and its altcoin counterparts to be ignored by major retail enterprises and corporations, and to a degree, we can’t really blame them.
Consider the following scenario: someone walks into a store and buys $60 worth of items with bitcoin. For one reason or another, the store doesn’t trade the BTC in for fiat right away, and about 24 hours go by. Within that time, the price of BTC goes down, and the crypto used to pay for the items falls from $60 to about $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 everyone thinks so.
That’s what makes companies such as the Jeff Wyler Automotive Family so important. They are doing all they can to help crypto enact its initial purposes. David Wyler – president of the Jeff Wyler Automotive Family – explained in an interview that accepting crypto is a way of helping consumers pay for items in new ways and permit financial innovation.
This Is How It’s Done, Elon
We take pride in leading the industry wherever it makes us more consumer facing, and accepting cryptocurrency provides payment flexibility and faster sales transactions for our customers.
Elon Musk could learn a thing or two from this firm. In early 2021, the South African billionaire announced he was going to let customers purchase Tesla vehicles with bitcoin, though just a few weeks later, this decision was rescinded as he was concerned about the emissions allegedly produced by the mining process.