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Crypto Adoption: List of Things You Can Buy With Bitcoin (Including Ferraris and Taylor Swift Tickets)

Published October 18, 2023 3:14 PM
Teuta Franjkovic
Published October 18, 2023 3:14 PM

Key Takeaways

  • Cryptocurrencies are being utilised as a form of payment to purchase some intriguing goods.
  • While not widely recognized as legal tender, cryptos are accepted for luxury purchases like watches and cars.
  • Buying things with crypto is legal, and cryptocurrencies have opened up an entirely new industry.

Many cryptocurrency investors are usually unsure whether to sell in order to stop more losses or to wait for a market recovery because the cryptocurrency markets are still in an unsteady state.

Even while the cryptocurrency markets have, up until this point, consistently bounced back from their downturns, every bad market has its “casualties” who never fully recover. Perhaps looking at coins as transactional is a better way to go. Still, the question is: what can we buy with crypto?

Buying Concert Tickets With Crypto

BitPay, a cryptocurrency payment service, announced on X that customers can now use the platform to buy tickets for Taylor Swift’s upcoming tour, which will visit many nations, including the US, Canada, Brazil, Japan, Australia, Singapore, France, the UK, and many more.

The popular memecoin Shiba Inu (SHIB), the two most valuable digital coins by market capitalization, Bitcoin (BTC) and Ether (ETH), as well as many other digital currencies, are all accepted as payment methods for tickets to the Eras Tour Movie event.

BitPay made it clear that people who wanted to take advantage of the most recent promotion should go to the official AMC website and choose the pop star’s chosen concert. After that, customers will have the option to select their payment method, one of which is cryptocurrency.

Go To A Concert With A Ferrari

Following requests from its affluent clientele, Ferrari has begun accepting cryptocurrency payments for its high-end sports cars in the United States and will expand the program to Europe, according to Reuters.

Most major corporations have refrained from utilizing cryptocurrencies, such as Bitcoin, in trade due to their high volatility and the challenges posed by inconsistent regulation and energy consumption.

For instance, Tesla briefly accepted Bitcoin payments  in 2021 before CEO Elon Musk suspended the option over environmental worries.

Why Would A Regular Store Start Taking Cryptocurrencies?

There are basically three causes for this. First of all, it enables them to take a form of payment that has grown especially appealing to young coin devotees who think it’s the future of money.

Second, it enables the dealership to stand out from rivals, attracting attention and business by occupying the location first. Thirdly, it also enables the dealership to digitize the whole buying process.

Although there may be good reasons for switching to crypto payments, doing so in practice is more difficult. Understanding the platform on which they operate and implementing systems that can handle the complexities of the coins are necessary for the adoption of crypto payments.

What Can You Buy With Crypto?

Here is a sample of what you can purchase in 2023 using Bitcoin and other cryptocurrencies:

Smartphones

You can purchase a smartphone in one of three ways with Bitcoin or another cryptocurrency:

  • Pay using your crypto wallet immediately.
  • Use the BitPay digital currency debit card.
  • Purchase gift cards for well-known electronics retailers with cryptocurrencies

Branded watches and jewellery

There are merchants who accept crypto for luxury purchases. Because of the close connection between cryptocurrency and high-end timepieces, the secondary market saw a sharp increase in demand for luxury watches following the 2022 crypto meltdown.

The demand for Rolex and Patek Philippe in particular was wild. It indicates that those who held both cryptocurrency and watches as investments sold the latter to offset the decline in value of the former. Jewellery and precious metals can also be purchased using cryptocurrencies.

Space flight tickets

Virgin Galactic accepts Bitcoin  for payment of space flight tickets.

Insurance

Crypto-based insurance products are also expanding. 2021 saw the announcement by Swiss insurer AXA that it would accept Bitcoin  for all insurance lines other than life insurance.

A Ferrari

Most blue-chip companies have avoided Bitcoin and other cryptocurrencies because they are too volatile to be used in trading. Patchy regulation and high energy consumption have both made it difficult to utilise cryptocurrency as a means of payment, although it appears that this practise is gradually vanishing.

Ferrari is the final automaker to opt to accept cryptocurrency payments in response to requests from its wealthy clients.

 

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