Sell your car for Bitcoin!

Australian used car company CarBuyers.com.au has announced that it will pay for customer’s cars in bitcoin if they choose this option instead of cash.  

In every state and territory in Australia, just fill out a contact form, have a vehicle inspection arranged, receive an offer, and then indicate that you want to be paid in bitcoin – you will receive bitcoin to your chosen wallet address on the same day. 

With the Bitcoin price currently rallying well, there may not be a shortage of takers to be paid in the king of the cryptocurrencies. Bitcoin is presently sat at a price of $54,640, around 17% up from its drop in value over the last couple of weeks. 

In fact, the Bitcoin price has risen over 90% since the beginning of the year. Analysts say that cryptocurrencies are in a bull market so payment received in bitcoin now, may well be worth quite a bit more later in the year. 

According to Daniel Werzberger, transformational director at CarBuyers.com.au, customers are requesting to be paid in bitcoin: 

“As cryptocurrencies have increased in popularity, they are increasingly viewed as legitimate alternatives to traditional coin and paper tender,”  

“Other than buying and selling crypto on a verified exchange, there are only a handful of legitimate businesses who are offering payment in this currency directly to consumers.” 

He added that the move provided more convenience to customers. 

The company has decided to take its foray into cryptocurrencies a step further with the announcement that it will offer its employees the opportunity to have their commissions and bonuses paid in Bitcoin. 

Given the shutdowns in car manufacturing due to the pandemic and the resulting scarcity in microchips, the used car market is seeing a big boom. It is predicted that this situation could last another six months. 

With all kinds of businesses dipping their toes into crypto, widespread adoption may not be many years away. The ongoing debacle with government handling of fiat currencies may well speed this adoption. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.