People are trading their cars for Bitcoin in South Africa
Online classifieds site Gumtree says there has been an increase in the number of South Africans swapping their cars and other high-value items for Bitcoin.
The group said that there’s been an increase in swaps and Bitcoin-only sales on the site, particularly in trades for high-value items like cars, bikes and boats.
“Many sellers are willing to take a gamble with their assets in hopes of a large pay-out,” the group said.
Bitcoin has experienced a seemingly interminable rise, with early adopters experiencing lottery-sized pay-outs on minor investments as the currency exploded in value in 2017.
The sale and trade of high-value items like vehicles is “on trend with other marketplaces,” Gumtree said.
“In the United States a McLaren 720S was put up for sale in exchange for 25 bitcoin – a theoretical value of $425,000,” it said.
“While Gumtree does not allow for the sale of bitcoin miners or services, customers can exchange goods for bitcoin on the site, but should be fully aware of the risks.
“Bitcoin is a volatile currency, so while you could easily see a 50% increase in your investment, you could just as easily end up with nothing. It’s up to the seller to decide if they are willing and able to take a gamble,” Gumtree said.
Some cars currently up for sale in exchange for Bitcoin include a Land Rover Defender, BMW X5 and a rare 1970 Mercury Cougar V8.
There are also other sellers accepting Bitcoin in exchange for Kruger Rands, which the group said may be proof that gold as a store of value is “falling out of vogue”.
According to Gumtree, the most unusual swap it has seen is an entrepreneurial seller who is offering carnivorous plants in exchange for the cryptocurrency.
Read: Bitcoin heading for its worst weekly run in three years
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