Billionaire Tilman Fertitta, owner of the Houston Rockets NBA team, has embraced bitcoin in a huge way. Fertitta’s luxury car dealership in Texas has become the first in the United States to accept Bitcoin and Bitcoin Cash for payments via payment service BitPay.
“The rising of bitcoin sparked my interest,” Fertitta, owner of Houston-based Post Oak Motors, said in a press release. “Being a premier luxury car dealer, I always want to offer my customers the very best buying experience, and this partnership will allow anyone around the world to purchase our vehicles faster and easier.”
Fertitta — whose net worth tops $4.4 billion — is the sole owner of Landry’s Inc., a hospitality company that manages more than 600 restaurants, hotels, and casinos in 35 states and the District of Columbia.
Bitcoin Was Used To Buy A House In 2017
Retail prices for Bentleys start at $188,000, and go all the way up to $700,000. Cryptocurrency payment processor BitPay claims Bitcoin is an ideal way to make huge purchases because it’s convenient.
“We’ve noticed people prefer to make larger purchases with bitcoin since it is a simple way to make payments,” said Sonny Singh, chief commercial officer of BitPay.
Exciting news! My Post Oak Motor Cars at @PostOakUptown is the first @RollsRoyce, @BentleyMotors and @Bugatti dealership in America to accept @Bitcoin and Bitcoin Cash for payments. #bitcoin #BitcoinCash #luxurycars pic.twitter.com/AXPIcsx7up
— Tilman Fertitta (@TilmanJFertitta) September 5, 2018
While it may sound odd, Bitcoin has already been used to make large-scale purchases, including homes and high-end luxury cars.
As the Inquisitr previously reported, a Texas resident made headlines in 2017 after buying a single-family home using only bitcoin for payment.
— INQUISITR (@theinquisitr) April 11, 2018
That was the first real estate deal conducted using only cryptocurrency. The buyer’s broker, Sheryl Lowe of Kuper Sotheby’s International Realty, said the transaction was the easiest she had ever done.
“In my 33 years of closing transactions, I honestly couldn’t have expected something so unique to go so smoothly,” Lowe said. “In a matter of 10 minutes, the bitcoin was changed to U.S. dollars and the deal was done!”
‘It’s Not Just Used For Criminals’
Another hot trend is buying Lamborghinis with Bitcoin, as the Inquisitr has reported.
Peter Saddington, an Atlanta computer coder, purchased a $200,000 Lamborghini Huracan in the fall of 2017 using 45 bitcoin tokens.
Sadding started buying Bitcoin in 2011 when it cost less than $3 a coin. Today, BTC prices hover at about $6,341.
“Buying the Lambo with bitcoin is proof it can be used for real transactions, buying really cool stuff,” Saddington told CNBC. “It’s not only used by criminals.”
With their wild price swings and outsized returns, cryptocurrencies have recently become a hot investment vehicle. While Bitcoin prices have sputtered this summer, cryptocurrency evangelists remain undeterred in their conviction that virtual currencies are the wave of the future.