Premier auction house Sotheby’s has said it will accept Bitcoin and Ethereum as forms of payment in an upcoming auction for Banksy artwork ‘Love Is In the Air’.
The auctioneer has partnered up with crypto trading platform Coinbase Global Inc (NAASDAQ:COIN) for the sale, which is estimated to see the work achieve a price tag of between US$3mln-US$5mln when it goes under the hammer next week.
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The move is likely to bolster sentiment that Bitcoin, and cryptocurrency in general, is steadily gaining mainstream acceptance as a secure form of payment, a trend that is likely to attract even more investment cash and drive prices higher in the market.
Bitcoin was down 5.6% over the last 24 hours at US$54,813 in late afternoon trading in London on Tuesday.