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Cryptocurrency cars: Perth Blockchain group invests in exotic rides smh.com.au

Published 4 months ago
Cryptocurrency cars: Perth Blockchain group invests in exotic rides

The Sydney Morning Herald via smh.com.au

A Perth Blockchain start-up is seeking to redefine the way cryptocurrency investors park the value of their digital tokens by investing in exotic cars like Lamborghinis, Ferraris and Bugattis. As Bitcoin itself rides a surge in value with peaks and troughs and crashes coming fast and furious, BitCar is seeking to diversify the range of investments afforded by exotic cars as an investment vehicle..

The idea is that each car will be 'tokenised' and investors will be able to park which can then be traded on said the cars would be stored or displayed for a period of between five and 15 years as they were projected to appreciate in value, and eventually they would be sold and the asset appreciation distributed among token owners. BitCar has been established by Perth-based Ledger Assets, and BitCar's co-founder Gov Van Ek said the idea allowed people to fractionally own parts of an exotic car..

"Exotic cars have been one of the world's best performing asset classes over the past decade, outperforming property and gold. BitCar is giving ordinary people an opportunity to gain exposure to these high-performing assets," Mr Van Ek said..

BitCar is seeking to raise AU$26 million in an Initial Coin Offering (ICO) aimed at cryptocurrency car enthusiasts, and Mr Van Ek said BitCar was working with ASX-listed DigitalX as the corporate advisor for the move. It's the only collectible asset class that can't be faked, which is why we saw it as the lowest risk," Mr van Ek said..

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The Sydney Morning Herald

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