It’d be hard to deny that anything has been more influential this year than the rise of cryptocurrencies. Every news source, Twitter feed, and newspaper headline covered reports on this trending topic. Even the nonbelievers began to jump on the bandwagon after hearing of the opportunity for financial growth. And then you have people like El Salvadorian president, Nayib Bukele, who believe so strongly in the future of crypto that he put into effect Bitcoin Law. Thereby, becoming one of the first countries to recognize this new age currency despite its legal holdups.
From Bitcoin, Ether, to even smaller named entities, it’s become the way of the future. If you aren’t in the game now, you’re surely missing out. And by now, you’re probably fully invested in the idea, whether you believe in its vitality or not. With its popularity showing no end in sight, in time, we’ll likely see more small businesses or even major retailers take a chance in accepting crypto payments.
Surprisingly, there are car companies that have already given this digital currency a shot. Whether the reason is to attract more buyers or get ahead of the times, offering Bitcoin as a payment option is a way of showing approval. Even Tesla gave it a try for some time. A few months back we investigated which car companies accept Bitcoin. But just like this volatile stock, the times are always changing. Here is the most up-to-date information regarding crypto payments.
Top automotive companies that accept Bitcoin
So far, the acceptance of crypto has mostly leaned toward luxury vehicles and high-end customers. Here are the brands we hear about the most who accept Bitcoin as payment:
BMW
The German automaker is notoriously known for paving advancements in the automotive industry. Accepting Bitcoin as payment is no different. BMW sees crypto as a way to get more in tune with their traditional buyers, which is why both the U.S. and United Kingdom are continually developing ways to accept Bitcoin as payment. Some select dealerships have already managed to achieve this.
CryptoExchange
The concept of CryptoExchange is just as the name implies. Consumers can buy or exchange a select number of cars using cryptocurrency. These brands include, Bentley, Aston Martin, and Ferrari. Obviously, all high end brands, but for those who can afford it, it’s worth looking into.
Post Oak Dealership
The Post Oak Dealership prides themselves in keeping an eye on the future. Since 2018, this luxury car dealership in Texas has been accepting Bitcoin and cryptocurrency as a form of payment. And so far, it has worked in their favor.
Why does Tesla no longer accept Bitcoin?
Several months ago Tesla remained one of the main automotive companies to accept Bitcoin as a form of payment. And for a time, it seemed Tesla and Bitcoin were in cahoots. But in March 2021, a major change took place. Elon denounced the decision to accept Bitcoin at dealerships worldwide. To some, this may have come as a surprise, but there was a fundamental reason for the change.
Climate concerns. Due to the mining and encryption process, Musk feels there are environmental changes that need to be made in order for Bitcoin payments to be a decent tradeoff. While it may be disappointing to some Tesla enthusiasts to no longer have the option of buying their first Tesla with crypto, things will hopefully improve in the right direction for the EV manufacturer to get back on board.
Can we expect more car companies to accept Bitcoin?
We can’t expect to know what the future holds for Bitcoin payments, but there is no way it is just a trendy phase. Major corporations like IBM, PayPal, and Microsoft have developed chain blocking teams to stay on top of the crypto trends. With that said, I’m sure more dealerships, whether small-scale or nationally renown, will make the transition to this form of payment if the outlook continues to move along in a positive direction.
Do you think dealerships should accept Bitcoin as payment? Tell us your thoughts below.