Highlights
Bitcoins are still a niche business and it also becomes a risk for car dealers as they are not tech-savvy.
Meanwhile, another dealer from California, Pietro Frigerio said when bitcoin prices surged in 2017, his store sold 20 cars in a month.
Peter Saddington, the founder of cryptocurrency startup Emrit, bought a Lamborghini Huracan in 2017 using bitcoin.
Elon Musk’s move towards cryptocurrency has created a buzz as many car dealers claim that they were way ahead than the Tesla owner, while some said that it looks like a PR stunt.
Musk had bought Dogecoin - a cryptocurrency - for his newborn, further extending his support to digital currencies. Bought some dogecoin for lil X, so he can be a toddler hodler, said the Tesla and SpaceX CEO on Twitter.
Dealers said accepting cryptocurrency is a good marketing and branding tool. But it is still a niche business. Price volatility and the absence of trusted banks and other financial intermediaries make bitcoin payments a risk for dealers who are not tech savvy.