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.
Speeding up transactions with crypto payments
The benefit of using cryptocurrency to purchase incredibly expensive luxury cars is principally due to the speed of the transaction. While purchasing luxury cars in auctions using dollars, or, slower still, foreign non-USD currency, the sale can take weeks, even months, to complete. By contrast, sending payment in cryptocurrency can take a matter of minutes.
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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