Four Formula 1 race cars are being sold in a deal worth £4mln, but, the Chinese buyer isn’t paying cash – I mean, this is 2017, why would they!
The Chinese buyer is paying in Litecoin, one of the secondary and slightly less volatile cryptocurrencies - at a present all time high near US$185 per unit, you can get a lot more Litecoin for your actual world cash.
Bitcoin, meanwhile, was worth around US$1,700 on Tuesday.
The deal for the Formula 1 fleet - the ‘flagship’ is a 2011 Sauber Ferrari - was arranged by Dadiani Syndicate which is described as “the UK’s first market place to offer luxury assets solely in cryptocurrency” though the cars themselves are being sold by UK dealership Heritage F1.
“The introduction of the blockchain has created a new economy layer, which is yet to be fully realised - especially in international trade and cross-border transactions,” said Eleesa Dadiani, the company’s founder.
“Cryptocurrency is not just about ‘getting rich’ – it is about facilitating trade and investment in a more transparent, decentralised way.”