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Publish Date - May 06, 2021

Author: Rae Steinbach

Categories:   Auto Loans & Financing    Vehicle & Buying Research    Useful Automotive Information   

Cryptocurrencies Might Change the Auto Market Forever

We’re seeing the cryptocurrency revolution hit just about every industry and market imaginable. For a lot of people out of the loop on Bitcoin and other mainstream alternatives to traditional money and banking, the sudden influx of interest in the currency seems like it came from nowhere. Those who follow cash alternatives, however, knew this day was coming.

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We’re seeing the cryptocurrency revolution hit just about every industry and market imaginable. For a lot of people out of the loop on Bitcoin and other mainstream alternatives to traditional money and banking, the sudden influx of interest in the currency seems like it came from nowhere. Those who follow cash alternatives, however, knew this day was coming.

The latest boom in the automotive industry’s growth comes as the rising Bitcoin price pushes more and more to consider getting in on the game. For the auto market, cryptocurrency could truly change things forever. Here’s how that could impact both manufacturers and buyers.

How is Cryptocurrency Impacting Auto Manufacturers?

Tesla’s recent decision to invest in and accept Bitcoin as payment for their vehicles shocked a lot of people. The company’s rising influence in the auto industry makes its business decisions headline news. For a lot of people, however, the word Bitcoin holds little meaning. A lot of individuals don’t own any Bitcoin or even know what it does. Auto manufacturers are no stranger to the cash alternative however.

Many manufacturers are finding that thier dealerships that offer Bitcoin transactions are attracting new and motivated sellers. Likewise, acquiring Bitcoin can become a way for profits for dealers and manufacturers to gain investments in transactions rather than cash. Why does that matter? Bitcoin is expected to have a record year. Now is the time to get into the game and carmakers facing worries about inventory and parts shortages could really use the boost. This is the big world-shaking change that could drive auto sales to record numbers.

How are Bitcoin and Other Cash Alternatives Impacting Buyers?

Let’s move to the perspective of the buyer now. As more and more companies start accepting Bitcoin, it’s a great time to own the cryptocurrency. Not to mention, addressing the question of obtaining an auto loan can be tricky and all options available should be considered. If Bitcoin continues to gain acceptance at major dealers, there may be perks to paying in Bitcoin as opposed to cash.

High value purchases like cars are becoming popular ticket items for Bitcoin transactions thanks to the currency’s ease of use and switching hands. It’s a great way to avoid converting things across cash currencies or dealing with third-party players like banks. All in all, the buyer has more options with Bitcoin, whether they decide to go that route or not.

Getting On Board the Growing Crypto Craze in Automotive Sales

For buyers and sellers, the Bitcoin price rise and emergence of other cryptocurrencies pushes the market more towards this growing method of payment. Now is the time to start preparing a transition to accept cryptocurrency. The method is here to stay, so be prepared for here and now as well as the future by getting on board.