Anyone watching the bitcoin market is aware of the ups and downs of this digital…
Bentley, Bugatti, Rolls Royce and Bitcoin
Tilman Fertitta may be the richest “hospitality mogul” you’ve never heard of. Fertitta Entertainment, solely owned by Chairman and CEO Tilman Fertitta of Houston, owns the restaurant giant Landry’s Inc., the Golden Nugget Casinos and Hotels, and the NBA Houston Rockets. Landry’s has over 600 properties in 36 states and consists of more than 50 different restaurant brands. It is one of the nation’s largest employers with more than 60,000 employees.
Another little business Fertitta owns is Post Oak Motor Cars in Houston, Texas. This luxury car dealership is home to Bentley, Bugatti, and Rolls-Royce Houston. And last month, Fertitta announced that Post Oak Motor Cars would begin accepting Bitcoin and Bitcoin cash for payments.
Partnering with BitPay for payment processing, Fertitta is targeting the luxury car buyer who wants a quick and easy transaction. “The rising of Bitcoin sparked my interest,” said Tilman Fertitta, owner of Post Oak Motors. “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.”
Oh, You Can Buy a Lamborghini Too
Post Oak Motors isn’t the first luxury car dealership to accept Bitcoin as payment. This past February, a crypto millionaire by the name of Peter Saddington cashed in 45 bitcoins to purchase a $200,000 2015 Lamborghini Huracan from MotorCars of Georgia.
This 35-year-old coder is no celebrity, but he purchased Bitcoin back when it was selling for about $2.50 per, meaning that his Lamborghini only cost him $115. Saddington isn’t telling how much Bitcoin he owns, but back then, in 2011, he purchased more than 1,000. “I am a long term HODLER, or holder, of bitcoins,” Saddington says, using the cryptoslang term. “I’ve been holding it since 2011 as much as I can.” Saddington says he’s bought bitcoin every Friday for five years.
Lamborghini Newport Beach in Costa Mesa California has been accepting payments through Bitcoin since 2013. Pietro Frigerio, dealer principal and general manager says that “We went from one, maybe two transactions a month from 2013 until 2016, and in [December 2017] alone we had over 10 transactions.”
Cryptocurrency watchers have coined (if you’ll pardon the pun) the phrase “When Lambo?” which means “How many Bitcoins do I need to buy a Lamborghini?” Or, more generally, “When will my cryptocurrency make me rich?” You can find out at this handy website.
If six figure luxury cars aren’t in your budget, you’ll be happy to know that many other car dealers have since jumped on to the pay-with-bitcoin train. For a recent list of these dealers, check out SpendBitcoins.com.