Had you bought bitcoin any time before November 2017, you’d be in the black. The total value of bitcoin has ballooned to US$120 billion. The coin now trades above US$7,100, making fortunes in the process.
Source: Coin Desk
What should you do with this new found wealth? Why not try and make more on classic sports cars? According to the Australian Financial Review:
‘Perth-based BitCar is seeking more than $US20 million ($26 million) in a cryptocurrency IPO that offers shares in exotic cars such as the Ferrari 250 GTO, Bugatti Chiron and McLaren P1 via a blockchain platform.
‘Subscribers to BitCar’s initial coin offering (ICO) who are active users of the platform could even be in the running to win a Lamborghini Huracán for “consistently and over a period of time” contributing to the growth of the platform and ecosystem.
‘Iconic cars can sell for tens of millions of dollars — the $US22 million fetched by a curvy triple Le Mans winning blue 1955 Jaguar D-Type in 2016 was just the third highest price ever paid — and outright ownership is beyond the chequebooks of even well-heeled professionals.
‘Co-founder Gov van Ek says BitCar is counting on middle income supercar enthusiasts and young tech investors who’ve made money from cryptocurrencies such as Bitcoin to want to park some of their spare wealth in the rare cars.’
Bitcar, the Next Best Thing
Van Ek says that most of the members on his power ledger are young, have a bit of money and are obsessed with Lamborghinis and Ferraris.
And for those who can’t afford to own a collection of luxury sports cars outright, Bitcar could be the next best thing.
Junior Analyst, Money Morning
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