Crypto Can Now Be Used To Buy Luxury Cars From This Aussie Retailer

Crypto owners in Australia can now put their assets to use to buy their dream cars, by virtue of a recent major partnership.

That aforementioned deal was between the Aussie cryptocurrency exchange CoinSpot and luxury car retailer Dutton Garage. According to CarSales.com.au, the two companies inked a deal that will now allow people to pay for their car purchases at Dutton with coins like Bitcoin or Ethereum, among others.

Aside from BTC and ETH, Dutton also announced it will be accepting over 30 cryptocurrencies using CoinSpot's Over-The-Counter Trading Desk feature. While they didn't mention which specific coins these are, the company did say that the decision to accept crypto is their way of "minimizing technical barriers" that prevent people from venturing into cryptocurrency investing.

Here's an official statement from Dutton Garage regarding the partnership:

"As Australians continue to look for more ways to find value in their crypto investments, CoinSpot's partnership with Dutton Garage symbolizes our commitment to expanding the utility of crypto. With Web 3.0, digital currencies are becoming more than just stores of value, and instead, legitimate ways to purchase big-ticket items."

But more than everything, CoinSpot and Dutton's deal was made in response to increasing demand from Aussie customers, who want to be able to buy luxury items using their cryptocurrency stashes.

Big (Digital) Bucks For Fancy Cars

By doing the transactions via CoinSpot OTC, the luxury car retailer says market fluctuations and low liquidity risks will be limited-more so for those who will transact over $50,000, reports BlockWorks. This makes sense, considering a lot of the cars being sold by Dutton are extremely valuable.

A quick look at the Dutton Garage website will give you perspective. Many of the cars being sold there are absolute classics (with the sky-high price tag, to boot). This includes a $262,000 1964 Porsche Coup, and other vintage vehicles whose prices aren't indicated.

Is This Proof That Crypto Will Replace Cash?

Back in March, Tech Times published an article asking whether crypto will be replacing real-world money as a way for paying things. With Dutton and CoinSpot's partnership, there are reasons to believe this could be the future, but it is not without its hurdles.

The one thing about digital assets like cryptocurrency is, in fact, you can't use them to buy stuff. Unless, of course, you go to a marketplace online that specifically accepts Bitcoin, Ethereum, or any other crypto you might have. That's because they're mostly being traded as so-called "speculative investments," like stocks.

Furthermore, fully accepting cryptocurrencies as legal tender will require immense effort from the world to keep up with. According to Investopedia, this will have to mean that all traditional currencies will "die off without any means of recovering." New infrastructure to handle this shift will also have to be built from the ground up-an effort that takes a massive amount of time and resources to pull off.

This article is owned by Tech Times

Written by RJ Pierce