Colin McRae’s long-lost rally car reportedly sold for Bitcoin at auction

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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, which was long believed to have been lost at auction for half a million Australian dollars (US$360,000), and is said to have used 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 the Australian state of Victoria.

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

Lloyd’s said the race car, one of only 63 cars commissioned by Prodrive, had been sitting in the barn for 10 years, and its owner was unaware of the car’s actual value. She’s only had three owners since her racing days and he’s been in great shape.

Described as a “golden treasure” by an ICAARS inspector, the car was hammered on September 26 and was auctioned for half a million Australian dollars. The winner was said to have paid the bid with bitcoin.

Related: NFTs can mark a resurgence in art galleries

Lloyds announced in June that the Australian auction house will begin accepting cryptocurrency payments, enabling bidders to purchase items auctioned on the platform using Bitcoin and other cryptocurrencies.

“As a longtime Lloyds sponsor, I didn’t hesitate and couldn’t believe how simple it was to pay with crypto,” one bidder said afterwards, adding that the seller receives payment in cash and “never knows the difference.”

Beyond cryptocurrencies, non-perishable tokens (NFTs) are also taking the auction world by storm. Art galleries embrace the new form of digital art as auctionable items. Sotheby auctioned Yuga Labs’ 101 Bored Ape Yacht Club NFT Collection in September with a winning bid of $24.39 million.