Bitcoin in the Automotive Industry
Bitcoin, Ethereum, and other cryptocurrencies have been headlines in the news.
What might seem at first like a new-age, one-world currency pipe dream is a massive market valued at a half-trillion dollars and climbing. With a turbulent history that involved the infamous ‘Silk Road’, it’s no surprise that businesses have been steering clear of all things crypto.
There are some car dealers in the United States, however, that aren’t shying away from the booming trend. Twenty-eight dealers, including both franchised and independent stores, accept Bitcoin as a payment method. Lamborghini Newport Beach, always on the cutting edge, is just one of the few that take the most popular cryptocurrency for payment. An entrepreneur, Peter Saddington, paid for his Lamborghini fully in Bitcoin. Another unspecified dealer sold a Tesla Model S for Bitcoin also.
Don’t take this as an endorsement. Certainly, there are legal ramifications to consider, and that due diligence is up to the dealership.
But the question is this: are you willing to step outside the box?
Just like Bitcoin and other cryptocurrencies, forward-thinking innovations are constantly being developed. What may seem to you like a flash in the pan could actually be the next big thing. If it is, early adoption and implementation is critical.
That’s the case right now for advancing alternative fuel systems. Have you embraced EV technology, introducing charging stations and training technicians for the inevitable boom? Are you seeking out opportunities from your OEM when new technology is unveiled? Hybrid and electric cars were a far-fetched idea not so long ago, and early adopters are the ones who are benefiting most.
You may be thinking about accepting Bitcoin as a form of payment for a new or used car purchase or in the service department.
Whether you do or not is at your discretion. Whatever you decide, be receptive to new trends and make an informed decision, even if you are skeptical.
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