Racing cars

Why I accepted £ 4million in Litecoin for a racing car fleet

Would you like to transfer £ 4million in cryptocurrency to pay for a fleet of fast cars? This is the question posed by Eleesa Dadiani, the so-called ‘queen of cryptocurrency’, who has set up an agency that aims to match buyers desperate to pay digitally with sellers reluctant to accept.

His eponymous art gallery Mayfair has been accepting digital currencies, including Bitcoin, since last year. Now it aims to give buyers a way to pay in a range of cryptocurrencies for very high value items. Its most recent deal facilitated the sale of £ 4million from a fleet of racing cars using Bitcoin’s rival Litecoin.

The continued volatility of cryptocurrencies – Bitcoin went from $ 6,000 in November to $ 19,000 in two weeks, before dropping to $ 11,500 this week – has made many reluctant to use it for payments.

Steam, an online gaming network, recently ditched it as a payment method, citing volatility and high transaction fees. Ironically, a Bitcoin conference in Miami also had to stop accepting Bitcoin as a payment method for banknotes due to long transaction times.

But there are still those who see the benefits. Ms Dadiani said many of her buyers have amassed large amounts of digital currency and are drawn to the ease of paying for goods directly rather than having to change it to traditional currency first and then use it for the transaction.

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