Cryptocurrency has been used for payment transactions in the car market
Bonhams, one of the world's largest and most prestigious luxury car auctioneers, will accept cryptocurrency payments. At this year's exclusive car auction, bidders will be able to bid for Lamborghinis, Ferraris, Bentleys and other luxury cars at the price of 6-digit cryptocurrency for the first time.
The main advantage of using cryptocurrency to buy extremely expensive luxury cars is the speed of transactions. Although it is possible to buy luxury cars at auctions in U.S. dollars or slower non-U.S. foreign currencies, it may take weeks or even months to complete the transaction. In contrast, sending a payment in cryptocurrency can take several minutes.
In a conversation with Forbes, White Company CEO Elizabeth White explained how bidders use Bitcoin and the like to buy cars. The White Company is a fine art and luxury goods distributor that provides customers with cryptocurrency to facilitate buying and selling. The buyer sends cryptocurrency to the White Company crypto wallet, and then White Company pays Bonhams in U.S. dollars, and this process takes about 30 minutes.
White commented: "The biggest advantage of cryptocurrency is that it is a global currency. When you have bidders from all over the world, it is very suitable for auction situations."
The White Company has traded more than 30 Lamborghini and a Ferrari worth $4 million.
The auction company's call to accept cryptocurrency payments is not limited to Bonhams.
The art industry recognizes the appeal of crypto buying
In June of this year, part of Andy Warhol's 14 small electric chair paintings were auctioned through Maecenas, an art blockchain platform.
The auction allows bidders to use Bitcoin, Ether, or Maecenas’ own art tokens to purchase Andy Warhol’s art. The purpose is to allow art to be passed from one owner to another more seamlessly, thus simplifying the whole The process of buying and selling art.
Earlier this month, an art gallery in London hosted a cryptocurrency art exhibition. . As a pioneering move in the art industry, Art House held an exhibition where buyers can use crypto to purchase paintings.
As millionaires buy cryptocurrencies from Lambeth and Andy Warhol, auction companies and art galleries recognize the benefits and appeal of accepting crypto payments, and the reputation of cryptocurrency as the currency of choice for criminals may eventually become rich People’s preferred currency.
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