When Litecoin Meets F1

With all the recent news of cryptocurrencies reaching their new heights.  A Chinese millionaire purchased a fleet of retired F1 cars with Litecoin. The buyer scooped up the fleet of rare Formula One (F1) cars, valued at around £4m in total.

The sale of the four-car collection was orchestrated by Dadiani Syndicate, the UK’s first marketplace to offer luxury assets solely for payment in cryptocurrency.

The flagship car of the bunch is the 2011 Sauber Ferrari C30, raced by Kamui Kobayashi and Sergio Perez in the 2011 F1 season. Kobayashi achieved fifth place with the car at the Monaco Grand Prix.

“We are hugely excited to be conducting the sale of these exquisite machines in cryptocurrency. The introduction of the blockchain has created a new economy layer, which is yet to be fully realised – especially in international trade and cross-border transactions,” said Eleesa Dadiani, founder of Dadiani Syndicate.

The buyer paid for the fleet with litecoin, an alternative to the better-known bitcoin, which was created by former Google employee Charlie Lee. As the value of bitcoin has exploded, litecoin has seen its market value rise by more than 1,400 per cent this year.

Mike O’Connor, founder of F1 car dealership Heritage F1 which sold the cars, said there was “increasing demand for the purchase of luxury assets in cryptocurrency” and that the sale would be “just the first of many to come”.

The ability to pay for high value physical goods with crypto currency to this extent is certainly a first.  I wonder how long before regular Joe’s can buy a regular car with crypto currency.