The cryptocurrencies achieve a new important milestone in the automotive sector. Digital currencies, the most famous of which is the Bitcoin, they can in fact be used to purchase the vehicles auctioned by the important company RM Sotheby’s, which holds several records for the sale of classic and modern cars. This was announced by RM Sotheby’s itself this week, and the first auction that kicked off the chance to buy cars via Bitpay was the one relating to the ‘Guikas Collection’, carried out on November 19th.
RM Sotheby’s has chosen to accept cryptocurrencies in order to attract a new customer base, and therefore in order to expand “the collector car market to a wider cross-section of enthusiasts and collectors“. Bryon Madsen, RM Sotheby’s Chief Strategy Officer, told Bitcoin.com News that payments in digital currency are a pillar in today’s financial landscape: “Cryptocurrency has become a significant part of the financial landscape and is now the way many people choose to conduct significant investment transactions. We want to stay true to the needs of our customers and those just entering the collector car market. The role that cryptocurrencies will play in the collector car market will expand in the future“.
The partnership between RM Sotheby’s and Bitpay follows the same agreement previously reached by Mecum Auctions, a protagonist in the same sector, which has been accepting cryptocurrencies since last spring. Even Mecum Auctions had stated at the time that the company wanted to “attract new customers”. In this sense, it is assumed that these customers are part of a more youthful and heterogeneous segment, compared to the classic public that attends auctions for vintage cars.
Bitpay allows companies to accept assets such as BTC, BCH, DOGE, ETH, LTC, WBTC, along with stablecoins such as BUSD, DAI, GUSD, USDP and USDC.
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