One of the globe's biggest and most well-known luxury vehicle auctioneers, Bonhams, has recently announced they will start accepting cryptocurrency as payment.
For the first time, bidders at this year’s exclusive motor car auction event will have the option to close the sale of eye-wateringly expensive Lamborghinis, Ferraris, Bentleys and other luxury motors with six-figure price tags, using cryptocurrency.
Talking to Forbes, Elizabeth White, CEO of The White Company, a fine art and luxury goods dealer which facilitates purchases for clients with cryptocurrencies, explains how when a bidder buys a car with the likes of bitcoin, it is sent electronically to White’s cryptocurrency wallet, who then issues the dollars to Bonhams, a process that takes around 30 minutes.
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