Chinese Man Buys 4 F1 Cars With 5.3m in Litecoin

A Chinese millionaire recently bought four rare Formula One (F1) cars in the United Kingdom using Litecoin, the fourth most popular cryptocurrency, with the total amount believed to be around 4 million British pounds (more than $5.3 million).

According to Bitcoin News, the cars, which are all fully raceable and track-worthy, were bought from the U.K.’s Heritage F1 dealership.

Included with the four cars that the unnamed millionaire purchased is the flagship vehicle 2011 Sauber Ferrari C30, which was once driven by fifth placer at the Monaco Grand Prix, Kamui Kobayashi, and Mexican driver Sergio Perez. The car reportedly comes with a carbon-fiber body and runs on a 2,400 cubic centimeter (146 cubic inch) V8 engine with seven-speed semi-automatic carbon-fiber gearbox.

Sauber-2.jpgImage via Wikimedia Commons / Morio (CC BY-SA 3.0)

The transaction was all orchestrated by London-based art dealer Eleesa Dadiani, the owner of Dadiani Fine Art, the gallery that offers buyers the payment option to buy art using cryptocurrency like Bitcoin, Ethereum, Ethereum Classic, Ripple, Litecoin, or Dash. She is also the founder of Dadiani Syndicate, a special purpose investment vehicle whose prime function is to stimulate foreign investment into the UK using the blockchain.

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, Dadiani said about the F1 deal.

Meanwhile, Mike O’Connor, founder of Heritage F1, expressed his confidence that this recent sale will open up new markets for the company.

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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, O’Connor said.

A similar event happened in October where an entrepreneur from the United States purchased a second hand Lamborghini using the bitcoins he purchased in 2011, which, at the time, was worth about $115 in total.