A car service shop in Milwaukee, in the US state of Wisconsin, is now accepting Bitcoin and other cryptocurrencies, local network TMJ4 reported today.
Bitcoin for details
Called ‘Detail Doctor’s,’ the shop launched the crypto services just yesterday and is already enjoying a favorable response.
The shop is using Coinbase’s merchant services to accept payments and shall take Bitcoin, Ethereum, USD Coin, Litecoin, DAI, and Bitcoin Cash.
The first day alone saw a $500,000 Lamborghini, a Maserati, and a Cadillac roll into the shop. “Wisconsin’s got the supercars,” commented Gene Vicari, a co-owner. The shop specializes in servicing luxury cars, but all cars are allowed to avail services.
As such, the move comes as the shop owners believe crypto adoption is only going up in the years to come. “We wanted to stay ahead of the curve and things are changing every day,” said co-owner Donato Salvo. “That one day I would think (that it) would be registered with the federal reserve,” he added.
Services—ranging from hot wash to shampoo, to exterior and interior detailing are—by appointment only, and prices vary depending on what customers want done.
Crypto payments catching up
Crypto payments are quickly catching up around the world as business owners start to accept more sound forms of money (there’s also the benefit of crypto mooning in the next decade and payments paying off in a big way).
The adopters are varied. From Mark Cuban’s NBA team Dallas Mavericks—which started accepting Bitcoin earlier this year—to restaurants in Hong Kong—Japanese casual diner Okra accepts cryptos like Bitcoin and Binance Coin—a small, but rising, cohort of business owners are shunning volatility risks in the name of adoption.
“The main thing that I saw last year through the pandemic was that traditionally most restaurants and most small producers don’t have any savings,” said Okra chef-owner Max Levy, adding that keeping the savings in cryptocurrency meant he could capture the ‘high rewards’ while accepting the risks.
“If we were keeping just a small amount of our revenue, even if it’s just 1 percent of our monthly revenue, in some form of crypto, then yes, it’s a risk that the cryptocurrency could go down, but it’s also a possible high reward even if those currencies go up just 3 or 4 percent,” he explained at the time.
But with the cheers come the tears. Crypto markets have fallen as much as 50% in the past month, and only time will tell if such adoption is long-term or a short-lived claim to fame.
