A luxury goods entrepreneur is now taking her company, which specializes in selling luxury vehicles, into the crypto space with good honest Bitcoin.
Bonham Auctions owned by Elizabeth White has to date sold over 30 Lamborghinis, a Ferrari which went under the hammer for a staggering USD 4 million and even sold a car to a 16-year-old waiting for his driving license after making his fortune Bitcoin mining.
In the past, such luxury items auctions have received some bad press, with suggestions that most of the proceeds feeding into such auctions are simply money laundering opportunities.
White disagrees, refuting that Bitcoin is the choice of disreputable clients and arguing that the nature of blockchain allows her to keep a close tab on clients:
“Every transaction is recorded on the Blockchain, which is publicly accessible, so it is actually much more transparent… We know who our clients are.”
A recent report by cybersecurity firm Recorded Future has indicated that Bitcoin is no longer the choice of criminals while coins such as Dash and Litecoin are increasingly being used for more nefarious purposes with 30% of dark web vendors accepting Litecoin and 20% accepting Dash.
White gains from the fact that buyers would need a prolonged period of withdrawals from exchanges in order to buy some of her auction items due to limits of USD 10,000 a week whereas they can transfer much larger sums to her in an instant. There is a strategy involved in terms of whether she holds or sells her Bitcoin due to current market volatility.
White has recently launched her own stable coin (WSD) tied to the USD to try and get around these issues, enabling customers to use her wallet facility to trade Bitcoin for WSD.
There is also an increasing number of platforms being launched to help wealthy consumers part with their cryptocurrency, usually on luxury items. Such entrepreneurs have created a business seemingly out of very little but nonetheless, they are serving a specific crypto elite and creating a thriving retailer-consumer database.
One such London gallery in Mayfair simply advises their clients on how to spend their cryptocurrency on luxury items and guides them through the process, working as a middleman between wealthy consumers and an established list of retailers.
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