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Dutton Garage, the Melbourne-based classic and rare car retailer, has teamed up with crypto exchange CoinSpot, allowing Australians to now purchase cars with cryptocurrency for the first time ever. With CoinSpot's over-the-counter trading desk (OTC) service, customers can use over thirty cryptocurrencies (including Ethereum and Bitcoin) to purchase used luxury cars. Although this is a country-first for Australia, the alliance between luxury cars and crypto famously dates back to 2017 when U.S. bitcoin billionaire Peter Saddington purchased a Lamborghini Huracan worth $200,000 for a mere $115 using bitcoin.
Crypto and high-value purchases
Since so many people across Australia and beyond are eager to buy luxury vehicles with cryptocurrency, CoinSpot and Dutton Garage felt their partnership only natural. "As Australians continue to look for more ways to find value in their crypto investments, CoinSpot's partnership with Dutton Garage symbolizes our commitment to expanding the utility of cryptoâ, comments CoinSpot chief product officer, Gary Howells. The partnership is ultimately set to help normalize the use of crypto for high-value purchases of all kinds. "With Web3, digital currencies are becoming more than just stores of value, and instead, legitimate ways to purchase big-ticket items, whether that's a Bored Ape non-fungible token (NFT) via CoinSpot's NFT marketplace or buying a Porsche 911 with Bitcoin from Dutton Garageâ, says Howells.
Buying cars with crypto
Although the ability to purchase cars with crypto is still fairly rare, itâs becoming an increasingly popular option around the world. Just look at Tesla as an example: the electric cars were available to buy via bitcoin last year, although Elon Musk, Tesla CEO, soon unfortunately reversed this decision (the carbon footprint and wider environmental impact of bitcoin mining was the reason for this policy reversal). Nevertheless, in the United States, itâs still perfectly possible to use Bitcoin to buy an electric car. For example, CryptoExchanges lets customers use Bitcoin to purchase Aldis, while a Florida-based Nissan dealership recently started accepting DogeCoin for downpayments of the equivalent of $5,000.
Reducing exposure to market volatility
Although cryptoâs inherent volatility may put some people off using it for significant, high-value purchases, CoinSpotâs OTC service is designed to limit risk for customers, so they can make their purchase with greater peace of mind. In particular, the OTC service minimizes buyer exposure to market fluctuations thanks to lock-in pricing for purchases of $50,000 and up. The OTC service also offers open lines of communication with professional trading brokers, so customers are able to receive expert advice and minimize risk when making large purchases.
Purchasing a luxury vehicle from Dutton Garage with crypto is fortunately a relatively simple process: customers first need to contact a Dutton sales rep who in turn arranges the transaction with CoinSpot. âIncreasing cryptoâs utility is the key to driving mass adoption of what we believe is the future of financeâ, Howells comments further. âThis partnership is only the beginning of CoinSpot's ability to facilitate transactions within the luxury goods market".
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.