Houston Rocket Billionaire has been caught on the crypto spotlight as he announced intentions to accept Bitcoin as a valid means of exchange for luxury cars, this has made him the first Bentley, Bugatti and Rolls Royce (however not Lamborghini) dealer in the U.S to adopt virtual currency as a means of payment.
Post-Oak Motorcars owned by Tilman Fertitta announcing the acceptance of Bitcoin is no doubt a landmine in the cryptocurrency world as this will open the digital currency to an array of investors from athletes, celebrities and other elite which are usually customers of the luxury car dealer.
According to the founder, the acceptance of bitcoin as a payment option is targeted at showing the company’s flexibility to enable its customer to have unprecedented experience and convenience. Fertitta revealed that;
“The rising of bitcoin sparked my interest. 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.”
Partnership to Achieve a Stress-free Payment
The announcement went further stating that when the payments are made in Bitcoin at Post Oak Motor Cars, such transaction will be processed by Bitpay, the payment processing company whose chief commercial officer, Sonny Singh, has reportedly stated that a wide spectrum of buyers deciding to purchase large quantity using the virtual currency using market capitalization due to its convenience.
The Billionaire bought an NBA team, Houston Rocket, for a sum of US$2.2 billion last year. He can also be referred to as an advocate of the blockchain technology as well as an enthusiast.
Cryptocurrency Might Need Insurance
According to the Houston Billionaire, he has been reported severally to have opined that the most essential missing ingredient in Digital currency might not be regulation but insurance as he stated that it should be insured by the U.S Federal Deposit Insurance Corporation so as to increase the rate of adoption and reduce associated risks. He once said on a television programme that;
“Go to the bank and try to withdraw a million dollars, they don’t have the money. It’s just paper. That’s all bitcoin is, is paper, but it’s not insured by the FDIC today. And until it’s insured, a lot of people are never going to buy it.”
Also, Tilman Fertitta has compared this phase of cryptocurrency to that of the internet when it was at its early stage. However, he refuted the assumption held by many that BTC might just wind up like some internet institutions which disappeared once the internet bubble burst in the past claiming that the potentials of the virtual currency will keep it in operation.