Bitcoin (BTC) adoption is increasing in the auction world where privacy is a major concern. An unknown buyer has bought a legendary rally car driven by famous rally figures Colin McRae and Carlos Sainz, believed to have long been lost at auction, for half a million Australian dollars ($360,000), allegedly using bitcoin. as a payment method.

Australian auction house Lloyd’s Auctions has announced that a 1994 Subaru Prodrive 555 Group A World Rally Championship car was found in a dusty barn in Victoria, Australia.

The car was originally expected to cost between A$15,000 and A$20,000 ($10,900 to $14,500). But a 6-month study by the International Classic Car Certification and Classification System (ICAARS) found it “could be worth more than $1 million [$725,000].”

Lloyds said the race car, one of 63 cars ordered by Prodrive, had been in the fold for 10 years and the owner was unaware of its true value. It has had only three owners since maturity and has been in excellent condition.

Recognized by an ICAARS inspector as a “golden treasure”, the car was sold under the hammer on September 26 and sold at auction for half a million Australian dollars. It was reported that the winner paid the stake in Bitcoin.

Related: NFTs Can Refer to Reviving Art Galleries

In June, Lloyds announced that the Australian auction house will begin accepting cryptocurrencies so that bidders can purchase items listed on the platform’s auction using Bitcoin and other cryptocurrencies.

“As a longtime Lloyds advocate, I didn’t hesitate and couldn’t believe how easy it was to pay with crypto,” said one of the bidders, adding that the seller gets cash and “never knows the difference.”

In addition to cryptocurrencies, non-mushroom tokens (NFTs) are also sweeping the auction world. Art galleries are using a new form of digital art as auction purposes. In September, Sotheby’s auctioned off its NFT 101 Bored Ape Yacht Club at Yuga Labs for a winning bid of $24.39 million.

Source: CoinTelegraph