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Enthusiast

Can I Buy a Car With Bitcoin in America Yet?

If you haven’t heard the latest finance news, cryptocurrencies are on the rise and bitcoin has conquered the playing field as a top contender and it has even caught the interests of billionaires like Elon Musk.

Bitcoin is growing fast and so are the investors. Even Mark Cuban has 10% of his wealth in cryptocurrency and even those who aren’t tech or auto tycoons, have been able to invest while the stock trend continues to see drastic upticks and dips. 

You may have learned at the beginning stages of bitcoin that the currency was only available for use on the dark web or black market. It quickly earned a bad rep as it was used solely as payment for drugs and weapons. That’s not the case in 2021 as the anonymity of crypto-currency dissipates and consumers are buying items by legal means. So what are people using bitcoin to buy today since its creation in 2009? Is it possible to buy a car with bitcoin in America yet? It depends. 

Crypto gurus who got into the stock at the right time have already cashed out and bought their dream Lamborghini with the American dollar. But there are now a handful of banks working with crypto owners, and buying your next car with bitcoin may become easier than you thought. It was Beepi, a used car start-up in 2014 that tried to break ground on the bitcoin for cars at the time, but fizzled due to bad customer service and credit issues. Fast forward seven years and in recent news, Tesla is the first major car organization to begin accepting Bitcoin as payment for their cars. With CEO Elon Musk’s 1.5 billion dollar investment into the crypto-currency, it’s more than likely other car dealers will follow.

The volatility of Bitcoin is slightly concerning

If you are unfamiliar with the latest bitcoin news, in February 2021, a single share of the cryptocurrency broke the $50k barrier and continued upward until a quick drop at the end of the month sent it back to the $40k range. Over the years, Bitcoin has had its ups and downs, but in 2020 it reached 358% despite its high volatility and a global pandemic. For those who can afford to take the risk by investing in Bitcoin, cashing out when the stock is high is probably the best way to purchase your next car with extra funds that are actually the U.S Dollar. But you have to be willing to lose in the case this crypto stock falls lower than anticipated.

Buy a car with Bitcoin through these companies & dealers

Autocoin, Autocoincars.com, a UK-based online car sales platform is also accepting crypto-currency for payment. Car seekers can buy everything from BMW, Audi, Aston Martin, and Ferrari. The platform was created during the pandemic which helped people have new cars delivered to their front door. Car buying transactions made via cryptocurrency were processed instantaneously allowing for a quicker car drop off too It may not be too long before more American car dealerships start to make the switch. 

An auto loan company called BlockFi now allows drivers to take out a car loan using Bitcoin, Ether, and Litecoin currencies. With a handful of dealerships already accepting bitcoin as payment, they are adding large fees to bitcoin transactions. BlockFi leverages the crypto so buyers can avoid additional costs associated with borrowing from a dealership.

The updated list of American dealers and organizations who are accepting Bitcoin are:

  1. BitCar
  2. Carriage Nissan in Atlanta, GA
  3. E-Z Renta Car
  4. Post Oak Motor Cars in Texas
  5. Bernie Moreno Dealerships in Cleveland, OH
  6. Classic Recreations in Yukon, OK
  7. BMW
  8. Tesla
  9. Michael’s Auto Plaza in Albany, NY
  10. Bob Moore Auto Dealers in Oklahoma

Should you invest in Bitcoin?

It’s never too late to invest in anything, but with the high volatility and high price of Bitcoin, don’t sell your house for the stock. There are smaller versions of Bitcoin that can be purchased as well as other crypto-currencies such as Litecoin that are dominating the crypto market but if you plan on investing, wait for stock prices to fall again, and always thoroughly research. Also, it’s never a bad idea to consult your financial adviser before switching some of your funds to crypto.

Socially, the world is working toward more crypto-based currencies, but the transition from the old federal means of money could be a rocky road and a shaky economy as we build and test renewable energy sources. Tesla is one of the major players at the forefront of electric vehicles as is Bitcoin when it comes to electronic currencies. As we enter the world of digital money, buying a new or used non-electric car with bitcoin may not be too far down the road from 2021. See the newest EVs available on today’s market as well as the top 5 luxury EVs for 2021.

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Patrick Kirk
I am a full-time copywriter from Naples, FL and living in Austin, TX. I have written for the automotive industry for three years, and enjoy other hobbies such as camping and mountain biking. I received my Bachelors from Florida Gulf Coast University, and served in the U.S Coast Guard.

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