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.<\/p>\n
The group said that\u00a0there’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.<\/p>\n
“Many sellers are willing to take a gamble with their assets in hopes of a large pay-out,” the group said.<\/p>\n
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.<\/p>\n
The sale and trade of high-value items like vehicles is “on trend with other marketplaces,” Gumtree said.<\/p>\n
“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.<\/p>\n
“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.<\/p>\n
“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.<\/p>\n
Some cars currently up for sale in exchange for Bitcoin include a Land Rover Defender, BMW X5 and a rare 1970 Mercury Cougar V8.<\/p>\n
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”.<\/p>\n
According to Gumtree, the most unusual swap it has seen is an entrepreneurial seller who is offering carnivorous plants in exchange for the cryptocurrency.<\/p>\n