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

In an auction world where privacy is a major concern, Bitcoin (BTC), adoption is increasing. A mysterious buyer bought a rally car owned by legendary rally drivers Colin McRae, Carlos Sainz and paid $500,000 ($360,000).

Lloyds Auctions in Australia announced that the 1994 Subaru Prodrive555 Group A World Rally Championship Car was found in a barn in Victoria, Australia.

Initial estimates of the cars value were 15,000 to 20,000 Australian dollars ($10.900-$14.500). The International Classic Automobile Authentication and Rating System, (ICAARS), discovered that the car may be worth more than $1,000,000 [$725,000] after a six-month probe.

Lloyds stated that the rally car, one among only 63 ordered by Prodrive, was sitting in the barn for ten years and that the owner wasnt aware of its true value. It had only three owners since it was racing, and the condition of the vehicle was unaltered.

The car was described as a “golden jewel” by an ICAARS inspector and went up for auction on Sept 26 for half a million Australian dollars. According to reports, the winner paid the Bitcoin bid.

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Lloyds announced that in June, the Australian auction house would accept crypto payments. This will allow bidders to purchase items on the platform using Bitcoin or other cryptocurrency.

“As a long-standing patron of Lloyds, I didnt hesitate and couldn’t believe how easy it was for me pay with cryptocurrency,” said a bidder. He added that the seller gets the payment in cash but “never knows the difference.”

Nonfungible tokens (NFT), which are not cryptocurrencies, are also dominating the auction industry. The new digital art form is being adopted by art galleries as an option for auction. Sothebys sold Yuga Labs 101 Bored Ape Yacht Club collection NFT in September to a winning bidder of $24.39 Million.