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Porsche now accepts Bitcoin for its cars: BitPay

Porsche Towson Baltimore, Maryland, USA is reportedly accepting Bitcoin and other cryptocurrencies for its cars.

Porsche has started accepting cryptocurrencies for its cars at a dealership in the United States.

According to Bitcoin payments provider BitPay, the Porsche Towson dealer in Baltimore, Maryland has begun to accept crypto.

Turn your crypto into precious metal at Porsche Towson. Now accepting crypto as payment for vehicle purchases,” the US-based blockchain payment technology said on its Twitter account.

Per the tweet, Porsche Towson now accepts Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and Shiba Inu (SHIB) among other cryptocurrencies.

BitPay, which processes thousands of Bitcoin and other crypto payments a year, will help the exclusive Porsche dealer handle any direct crypto purchases.

In 2020, Tesla Inc (TSLA) announced it would start accepting BTC for its electric vehicles. At the time of the news, Bitcoin price jumped significantly amid increased bullish sentiment. Tesla however U-turned and halted the Bitcoin payments for its cars.

The company did nonetheless hold onto its $1.5 billion worth of Bitcoin purchases, with CEO Elon Musk saying that the company would not sell its BTC.

Bitcoin price reached highs of $69,000 in November 2021, with ETH, DOGE and SHIB also seeing massive upsides. The crypto market has however been in a drawdown since, with BTC touching lows of $33,000 earlier in the year.

The cryptocurrency currently trades around $41,150 after a fresh bounce above $40,000.

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