Bitcoin Looks to Gain Traction in Payments

Vegas Auto Gallery, a luxury auto dealership in Las Vegas, has become a playground for wealthy bitcoin investors who want to cash in. The dealership recently sold two high-end sports cars—a 2017 Pagani Huayra Roadster and a 2019 Bugatti Chiron—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 revenue comes from bitcoin transactions. prices have more than tripled in 2020 and are hovering around $26,600, making millionaires out of hoards of investors who piled in to ride the popular momentum trade. Professional investors such as Stanley Druckenmiller and companies like Massachusetts Mutual Life Insurance Co. began investing this year. Companies like Robinhood Markets Inc. and PayPal Holdings Inc. allowed their customers to buy and sell bitcoin. Despite those inroads, industry watchers say bitcoin must gain traction as a form of payment to become more…

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