Bonham Auction Allows Cryptocurrencies for Luxury Car Bidding
August 24, 2018 1:20 pm
The annual Bonham classic car auction is underway. This year, the bidders will be able to use cryptocurrencies to buy various products. Notably, this auction hosts classic and exotic cars from makers like Ferrari, Lamborghini, Bentley, Bugatti and more.
In any auction, the speed at which the deal is closed is highly desirable. Various multi-millionaire from across the globe are scheduled to appear. Cars such as the 1913 Mercedes-Benz Phaeton and the Shelby Cobra 289 will be up for bidding at the annual Pebble Beach Concours d’ Elegance. The event will be held in Carmel, California.
Elizabeth White, CEO, The White Company has created a marketplace which allows the purchase of luxury good using cryptocurrencies. The most popular car among these wealthy crypto owners is Lamborghini.
Normally, an auction sale can take weeks and even months to close. This is especially true when the buyer is using a foreign currency other than USD. Here’s how the process works, the buyer transfers the amount equivalent to the cryptocurrency to the White company’s digital wallet. The company works as a hedge fund, issuing the dollar equivalent of the currency to Bonham within 30 minutes.
As cryptocurrencies are global in nature, it facilitates the trade and purchase of products and commodities for bidders from across the globe. Though cryptocurrencies are extremely volatile when compared to fiat currencies like the US dollar. Auction houses are reluctant to deal in cryptocurrencies for the same reason. Now that there’s a way for Bitcoin millionaires to convert their currency to dollars, more bidders are attracted which in turn, provides better prices to the sellers.
The White company has managing transactions of more than 30 Lamborghinis, a $4 million Ferrari and a Nissan GTR which was bought by a 16-year old who started mining Bitcoin using his gaming computer back when it was easy to mine.
Recorded Future, the cyber-security firm posted a report that showed that criminals are moving away from Bitcoin in the favor of altcoins such as Dash and Litecoin. As per the conducted survey, 30% of dark web vendors accept Litecoin while 20% accept Dash.
The White company launched “stablecoin” recently whose price is pegged to the US Dollar. This was done to avoid the price volatility of cryptocurrencies.