24.11.2020

Chinese Whale Buys Fleet of F1 Cars Worth £4 Million with Litecoin

A Chinese individual has agreed to purchase four rare F1 cars, valued about £4 million in total, from the UK’s Heritage F1 dealership. The sale, subject to standard verification, is to be completed entirely in litecoin.

Browsing social media, one could be forgiven for thinking that the bitcoin community is all about Lambos. One cryptocurrency user is proving that their interests are more diverse, however, by buying a whole fleet of F1 supercars.

Also Read: Parity Calls for Ethereum Hard Fork to Reverse $230 Million Bug

Used F1 For Sale, Second Hand from a Racer

The flagship car in the fleet is the 2011 Sauber Ferrari C30 which was driven by Kamui Kobayashi (who achieved 5th place with the car at the Monaco Grand Prix) as well as by Mexican driver Sergio Perez. The vehicle has a carbon-fiber body, a 2,400 cc V8 engine, and seven-speed semi-automatic carbon-fiber gearbox.

All four cars are said to be fully raceable and track-worthy, but are also meant to appreciate in value as investments.

Luxury Investments

2011 F1 Sauber Ferrari outside Eleesa Dadaini’s Mayfair fine art gallery

The F1 deal was orchestrated by London-based art dealer Eleesa Dadiani who we wrote about back in July. Her gallery offers buyers the opportunity to purchase art using bitcoin, ethereum, ethereum classic, ripple, litecoin, or dash.

Eleesa Dadiani, founder of Dadiani Syndicate, commented: “We are hugely excited to be conducting the sale of these exquisite machines in cryptocurrency. Cryptocurrency is not just about ‘getting rich’ – it is about facilitating trade and investment in a more transparent, decentralised way.”

Mike O’Connor, founder of Heritage F1, added: “The sale of this breath-taking collection of Formula One cars, in cryptocurrency, will set a new precedent and open up a whole new international market to us. There is increasing demand for the purchase of luxury assets in cryptocurrency, and we are confident that this sale, in partnership with Dadiani Syndicate, is just the first of many to come.”

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