A Ferrari California has just been sold for Bitcoin, for the first time ever in South Africa. The Ferrari was purchased from Ferris Cars, a Sandton-based luxury car dealership, who partnered with South African crypto exchange, AltCoinTrader, allowing the dealership to accept payment in Bitcoin, USDT, and xZAR – AltCoinTrader’s unique South African stablecoin.
Speaking to Global Crypto, AltCoinTrader’s CEO, Richard de Sousa, confirmed that he was at the dealership on 15 April 2021, and witnessed the transaction take place. De Sousa said that the dealership had expressed some interest in accepting Bitcoin and other cryptocurrencies as payment for high end vehicles.
“We consulted with them and coded a platform for them where they could quickly and efficiently accept BTC, USDT and xZAR as payment for vehicles.” Said De Sousa
Adding that: “If they chose to, they could convert it (the crypto) back to fiat.”
The full chat with de Sousa is available as a podcast in the link below, where the CEO spoke with our Executive Editor, James Preston.
The process for accepting payment is extremely simple. A customer would simply visit the dealership’s website and click on the “Crypto Payments” page, then type in the ZAR amount that they would like to pay. The QR code will then automatically change, live on the platform and the customer may simply scan the QR code and make payment in their chosen crypto. The customer who purchased the Ferrari elected to make the payment in Bitcoin, selling for 2.03 BTC.
De Sousa said that the recent purchase of the Ferrari using Bitcoin will no doubt throw the spotlight on cryptocurrencies in South Africa as it was such a sensational event. De Sousa, however, believes that in the broader spectrum, he doesn’t believe that the event, in an isolated fashion, will do much for the adoption of cryptocurrency.
“Adoption is a slow process, but what we can clearly see from events like this, is that it is happening and that it is a snowball effect. We are going to see this happen more and more. The adoption of cryptocurrencies is inevitable.”
Feature image by Bitcoin Art from flickr