Fancy buying a Porsche with Bitcoin or Ethereum? Here's how you can

Tesla's Elon Musk was the first to offer luxury cars for sale in exchange for cryptos in the United States.

| More on:
A rich buisnessman buys luxury items with Bitcoin

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Cryptos like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) continue to eke their way into mainstream acceptance.

While Australia hasn't gone full tilt like El Salvador, where Bitcoin is legal tender, an increasing number of merchants are enabling customers to pay with Bitcoin, Ethereum, and other leading cryptos.

Yet when it comes to big ticket items, like Porsches or other luxury cars, Aussies have been forced to pay with good old fashioned fiat currency.

Until now.

How to buy your Porsche with Bitcoin

Whether your crypto wallet is virtually overflowing with Bitcoin, Ethereum or any of 30 some other cryptos, you can now swap those tokens for a luxury car at Melbourne-based Dutton Garage.

Yesterday, cryptocurrency exchange CoinSpot announced it was partnering with the luxury car retailer to enable Dutton Garage customers to buy vehicles with a wide range of cryptos.

You can choose to pay for your entire Porsche 911 with Bitcoin, or pay part in Aussie dollars and the rest in the cryptos of your choice.

Commenting on the move, CoinSpot chief product officer Gary Howells said:

As Australians continue to look for more ways to find value in their crypto investments, CoinSpot's partnership with Dutton Garage symbolises our commitment to expanding the utility of crypto…

Increasing crypto's utility is the key to driving mass adoption of what we believe is the future of finance. This partnership is only the beginning of CoinSpot's ability to facilitate transactions within the luxury goods market.

Addressing the company's acceptance of Bitcoin, Dutton Group chief technology officer Juv Jayaram added, "Working with CoinSpot has enabled our customers to access their crypto investments and transact with us in a seamless and transparent manner."

How have the two top cryptos performed this year?

While inflation may be nibbling away at your cash holdings, the Aussie dollar has held up better than Bitcoin and Ethereum this year.

Bitcoin, the world's biggest token by market cap, is down 8% since 1 January while the Ethereum price has lost 13%.

Of course, once you drive your brand new, crypto purchased Porsche off the lot, it's likely to lose value too. At least initially.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Bitcoin and Ethereum. The Motley Fool Australia owns and has recommended Bitcoin and Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Cryptocurrencies

person dancing in bitcoin spectacles wearing a gold outfit with hands up.

Up 145% in a year, the Bitcoin price just smashed through 18-month highs!

After a horror year in 2022, the Bitcoin price has come roaring back in 2023.

Read more »

Two investors look at a graphic showing a bitcoin in the centre

Why did the Bitcoin price just hit a 17-month high?

The long-standing cryptocurrency is finding its feet to reclaim a price not seen since May 2022.

Read more »

ETF written in gold with dollar signs on coin.

This ASX ETF is up 21% in April so far

How on earth has this ETF smashed the market by a factor of 10?

Read more »

Two investors look at a graphic showing a bitcoin in the centre

Bitcoin price rockets 28% in a week amid 'perfect use case'

It’s not just the Bitcoin price that’s shooting the lights out this past week. Ethereum is also up 12% since…

Read more »

Man looks confused as he works at his laptop. watching the Magnis share price movements

Something strange is happening with the Bitcoin price in 2023

The Bitcoin price has surged 45% since 1 January, leaving many crypto analysts scratching their heads.

Read more »

A bitcoin trader looks afraid and holds his hands to his mouth among graphics of red arrows pointing down

Bitcoin price slumps 5% amid regulation fears

Did regulators just drive a stake through the heart of this crypto investment?

Read more »

A woman works on her desktop and tablet, having a win with crypto.

Own NAB shares? Now you also own crypto

The ASX 200 bank has created a cryptocurrency tied to the Aussie dollar.

Read more »

A woman holds a bitcoin token in her hand as she smiles at the camera in the background.

Will the Bitcoin price rise 1,400% in 2023?

Where next for Bitcoin?

Read more »