Bitcoin Looks to Gain Traction in Payments

Bitcoin Looks to Gain Traction in Payments

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Vegas Auto Gallery, a luxury car dealership in Las Vegas, has become a playground for bitcoin-rich investors looking to make money.

The dealership recently sold two high-end sports cars - a Pagani Huayra Roadster 2017 and a Bugatti Chiron 2019 - to a customer who paid more than $ 6 million in bitcoin, according to owner Nick Dossa, who says about 3 % to 5% of the dealership's revenues come from bitcoin transactions.

Bitcoin prices more than tripled in 2020 and are around $ 26,600, making millionaires out of accumulators from investors who have piled up to build the popular market. Professional investors like Stanley Druckenmiller and companies like Massachusetts Mutual Life Insurance Co. started investing this year. Companies like Robinhood Markets Inc. and PayPal Holdings Inc. have allowed their customers to buy and sell bitcoin.

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