Luxury car firms in Singapore & U.S now accept cryptos

Key Insights:

• In Maryland State and Singapore, luxury car companies have now accepted crypto payments.
• Companies have now started to target crypto holders for sales of products as the crypto adoption rate has begun to gather momentum.
• Since last month homebuyers have been offered Bitcoin (BTC) collateralized mortgages in Miami, the State of Florida.

There has been an increase in the demand for cryptos due to the evolution and increase in the interest of web3 since this year.

Service providers and luxury brands have now shifted their focus. They are now targeting crypto holders as inflation in the United States has hit a four-decade high, affecting Bitcoin (BTC) and other cryptos sitting well below their all-time high.

Wealthy crypto holders are not just targeted by the United States but also the crypto-friendly Republic of Singapore.

Luxury Car Companies have started accepting payments in crypto in the U.S. and Singapore.
The dealerships have paired up with payment processing companies to facilitate the luxury goods in cryptos.

BitPay announced on Wednesday that it has entered into a collaboration with Porche Towson in Maryland, USA. Through Twitter, BitPay declared that, at Porsche Towson, convert your crypto into metal as they are now accepting vehicle purchases through crypto payment.

At this instance, the offer for the 2022 Porsche Cayenne was $95,880, which is equivalent to 2.32 Bitcoin.

Since BitPay is a leader in blockchain payment technology, it allows its users to accept and send Bitcoin and cryptocurrency as payments. The announcement from BitPay coincided with another crypto payment platform that allows car payments through cryptos. EuroSports this week announced its new collaboration with Fomo Pay which allows payment of cars through cryptos.

In its statement, EuroSports declared that, as a leading distributor of luxury cars and premium smart electric motorcycle innovators, it has entered into a partnership with FOMO Pay, the first Major Payment Institution in Singapore to accept cryptocurrencies as a payment option to retailers.

The company spokesperson continued that they were offering avenues to new potential crypto investors who wish to make payments in cryptocurrencies as there is a growing demand for one of the flexible and easiest payment methods. The customers can make payments through various cryptos that are not just restricted to Bitcoin, Ethereum (ETH), Tether (USDT), and USD Coin (USDC), but also various other cryptocurrencies.

Payments via cryptocurrencies helps reduce transaction costs and allows cross-border transactions while allowing borderless payment protection.

The automobile industry will be able to cut transaction costs, facilitate cross-border transactions, and provide borderless payment protection by accepting crypto payments.

Recently, the sale on the new Alfa Romeo Stelvio Quadrifoglio was SGD418,000, roughly equivalent to 7.4 Bitcoin.

Rising demand for optional crypto payment on luxury goods

As per reports published in Jan, there has been an increase in crypto payments within the luxury goods’ industry.

According to the report, there had been an increase of 31% in the luxury goods transaction volumes in 2021. There is a broad range of luxury goods such as watches, precious metals, jewelry, cars, and even boats.

Joining the crypto bandwagon, the real estate sectors are also accepting cryptos as a mode of payment. Back in March, the crypto firm XBTO was considering accepting mortgage payments in Bitcoin in Miami.

According to a March report, Bitcoin investors were able to evade capital gains tax and a spike in Bitcoin value by using Bitcoin-collateralized mortgages. As a result, long-term Bitcoin holders are optimistic that the price of Bitcoin can reach $100,000 or even $1,000,000. The need for Bitcoin-collateralized loans is due to the bullish Bitcoin forecast that has triggered the buy-and-hold strategy amongst Bitcoin holders.