Dive Brief:
- Automotive retailer HGreg — which includes the HGregoire and Hgreg.com banners — is now accepting cryptocurrency for the purchase of new or pre-owned vehicles. HGreg has 30 vehicle superstores in the United States and Canada.
- Portions of each sale made in cryptocurrency will be kept in this format on the company's balance sheet.
- "We're pleased today to be at the forefront of technology, giving our customers another payment option. We also believe it will be advantageous to keep some of our assets in cryptocurrency." HGreg Group's president, John Hairabedian said.
Dive Insight:
The move by HGreg makes it one of the first automotive groups to accept cryptocurrency for the purchase of new or pre-owned vehicles.
But HGreg isn't the only auto group that is allowing the purchase of vehicles via cryptocurrency. Last month, Tesla announced the company is accepting Bitcoin as a payment method for its products, according to a recent filing with the Securities and Exchange Commission (SEC). According to CNBC, that made Tesla the first major automaker to accept Bitcoin for purchases. Additionally, Tesla said it has purchased Bitcoin for "more flexibility to further diversify and maximize returns on our cash," according to the filing.
As more institutions and individuals continue to demonstrate their confidence in cryptocurrency, businesses are beginning to accept payment via crypto. For example, Wikipedia, Microsoft and AT&T all take Bitcoin as a form of payment.
However, it's not merely technology and telecommunications corporations that accept Bitcoin. Retail stores and restaurants are getting in on the action too. In Canada, Kentucky Fried Chicken has experimented with accepting Bitcoin, 99 Bitcoins reports. In Venezuela and Germany, meals at Burger King can be purchased with Bitcoin, and also in Venezuela, Pizza Hut accepts Bitcoin as a preferred method of payment.
Retailers in the US are also getting in on the crypto-craze. Overstock.com has partnered with Coinbase to allow customers to use Bitcoin for their payments.
The Miami Dolphins and Dallas Mavericks both now incorporate Bitcoin into their revenue streams. The Dolphins give home game attendees the opportunity to purchase tickets for the team's 50/50 raffle with Litecoin and Bitcoin. Meanwhile, the Mavericks accept Bitcoin as payment for tickets and merchandise through the team's website.