Home News Colin McRae’s long-lost rally car reportedly sold for Bitcoin at auction

Colin McRae’s long-lost rally car reportedly sold for Bitcoin at auction

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Colin McRae’s long-lost rally car reportedly sold for Bitcoin at auction. Lloyds Auctions house allegedly sold a classic race vehicle for $360,000 in Bitcoin three months after adopting cryptocurrency.

Significantly, the use of Bitcoin (BTC) is increasing in the auction sector, where anonymity is a major concern. An unknown bidder paid half a million Australian dollars ($360,000) at an auction for a renowned rally vehicle raced by famed racing icons Colin McRae and Carlos Sainz. Which considered to be long-lost. And apparently utilised Bitcoin as a payment mechanism.

The 1994 Subaru Prodrive 555 Group A World Rally Championship Car was discovered in a barn in the Victoria state of Australia, coated in dust, according to Australian auction company Lloyds Auctions.

The automobile’s initial worth estimation was between $15,000 and $20,000 ($10,900–$14,500) in Australian dollars. The International Classic Automobile Authentication and Rating System (ICAARS) conducted a six-month examination. And discovered that “it may possibly be worth more than $1 million ($725,000)”.

In a barn for ten years

The rally car, one of just 63 commissioned by Prodrive, had been languishing in the barn for ten years, according to Lloyds. And the owner had no idea what it was worth. Since its racing days, it has only had three owners and is in perfect condition.

An ICAARS inspector referred to the automobile as a “golden gem,” and it was up for auction for half a million Australian dollars on September 26. The winning offer was reportedly paid in Bitcoin.

In June, Lloyds announced that it will begin taking cryptocurrency payments. Allowing bidders to purchase things auctioned on the site with Bitcoin and other cryptocurrencies.

“As a long-time client of Lloyds, I had no doubts and couldn’t believe how effortless it was for me to use cryptos as a method of payment”, a bidder wrote later, adding that the seller receives the money in cash and “never figures out the difference”.

NFTs as well are invading the auction world

Besides cryptocurrencies, nonfungible tokens (NFTs) are also causing a stir in the auction world. In fact, galleries are beginning to accept digital art for auctioning. For instance, Yuga Labs’ 101 Bored Ape Yacht Club NFT collection went to auction at Sotheby’s in September for $24.39 million.

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