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Rolling in Bitcoins?

By Ashley Camies on the 30 November 2017 in Automotive News

Those searching on Auto Trader for their next car might have stumbled across a Gold Rolls-Royce for sale. Nothing too out of the ordinary and perhaps a bit of an extravagant purchase for a lot of people – unless you are, figuratively speaking, sitting on a stack of Bitcoin.

This luxury Rolls-Royce powered by a 6.6 litre twin-turbocharge V12 engine comes with built in television, picnic tables in the rear, personalised number plates and is the only Rolls-Royce Ghost with a built in fridge (champagne flutes included).

All of this, for only 14 bitcoins… The owner of the vehicle, who is based in Manchester, said: “Why not trade in Bitcoin? I treat it in exactly the same way as normal currency these days. It’s safe, convenient and incredibly valuable right now so, to me, it makes sense to trade my car this way. It’s the future.”

Bitcoin, for those of you who have not heard of it, is a virtual currency that was created back in 2009. Individual Bitcoins are created via computer coding and there can only ever be 21 million bitcoins created. As it stands today, a single bitcoin is worth a staggering £7,586 (maybe not such a cheap Rolls-Royce after all!) and the total value of all Bitcoin in existence is now more than £112billion!

There has already been people attempting to sell houses in Bitcoin – a chap in Peckham put his £1.65mil townhouse on the market for 500 Bitcoin in September 2017 and in October a new-build family home in Colchester was marketed for 82.55 bitcoin.

In fact, a UK car leasing company announced back in 2014 that it was now accepting Bitcoin payments as part of their ongoing effort to be an “intelligent” and forward thinking business and they were allowing their customers to use this cryptocurrency to pay the handling charge involved with leasing a vehicle from them. However, this was back in 2014 and there is currently nothing on their website to suggest they are still accepting Bitcoin.

Bitcoin is currently a very volatile marketplace, it has seen an 800 per cent increase in value since the start of the year, and often fluctuates in price on a weekly basis.
However, if you were thinking of investing in, purchasing or purchasing with Bitcoin think on this, it is a made-up currency! There are no gold reserves backing it up, it is nothing more than trading cards between cyber-geeks. You might as well buy a Rolls-Royce with Pokémon cards or Luncheon Vouchers. They will at some point go pop, no doubt when someone wants to sell and no-one is buying.

So if you have the coin, buy the roller now, then sell it immediately for some real money!

So, is this Manchester Business Man right? Does Bitcoin have a future when it comes to Car Sales? Probably not.

Rolls-royce-oldham-845x475




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