World’s Leading Car Auctioneer to Accept Cryptocurrency Payments

Bonhams, one of the world’s largest and most renowned luxury motor car auctioneers, is to accept cryptocurrency payments.

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…