If you have invested in Bitcoins, there is some good news, as you can now use your virtual currency to purchase a car. A car dealership in the suburbs of Albany is now accepting the popular cryptocurrency.
Is this a crazy idea, or is it simply moving with the times? Cryptocurrencies, whilst still relatively unknown are becoming more and more popular. Whilst Bitcoins aim of replacing traditional currency seems very far off, more and more places are starting to accept this as a form of payment, and this car dealership is no different.
Michael Severance spoke about his garage, Michael’s Auto Plaza, spoke to WTEN-TV explaining his decisions to begin accepting the virtual currency. He personally become interested after watching the value of Bitcoin rise. Unless you have been avoiding the news completely, you will know that Bitcoin has hit all time highs, and he simply wanted his business to take full advantage of this opportunity.
“Certain things boom and they just take off. They take off quick. You have to capture it whilst it’s hot”
Of all of the thousands of cryptocurrencies out there, Bitcoin is by far the most popular. These currencies are not tied to a bank or government, and allow their investors to spend their money completely anonymously. Essentially, it is computer code that are digitally signed each time they are traded. The price of a single Bitcoin has nearly reached $20,000, making them a very valuable investment at this time.
Severance spoke of people buying large items such as property with the popular alternative currency, and thought of no reason that buying cars should be any different, sparking his controversial decision to start accepting it.
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