Chinese Millionaire Buys F1 Cars With Cryptocurrency

A millionaire from China has purchased four Formula 1 cars using Litecoin with total value of £4m.

The website adds that the deal was made through the London-based Heritage F1 dealership, and was organized by art dealer and cryptocurrency champion Eleesa Dadiani.

Dadiani’s London gallery allows buyers to purchase art using “several different cryptocurrencies including including bitcoin, Ethereum, Litecoin, Ripple, and Dash”, says The Drive.

The F1 purchase is considered to be the first vehicle sale to be entirely completed in Litecoin.

City AM reports that the F1 owner Mike O’Connor said the sale could be  “just the first of many to come” as there is “increasing demand for the purchase of luxury assets in cryptocurrency”.

According to Fortune, Litecoin provides faster transaction times than Bitcoin, and at this moment it’s the fourth largest” digital currency on the market.

Since the start of 2017, its value has risen by 7,291%, with a single coin value of £240.