- Mass adoption of cryptocurrencies continues as Sotheby’s now accepts crypto payments in its auctions.
- The company is lining up an auction for a rare diamond worth $15m with cryptocurrencies accepted as a payment option.Â
- In a related development, crypto enthusiasts are still in euphoria over El Salvador’s decision to accept bitcoin as a legal tender.Â
- From institutions to nations, this mass adoption of bitcoin and other assets will take the market on another uphill run.
Despite a shaky market that is sending prices to rock bottom, there is some good news in the bag for Bitcoin and digital assets. Sotheby’s, the world’s largest auction house, has included cryptocurrencies as an acceptable payment for a rare 101.38-carat diamond.Â
It is the first time that an auction of such size with an item of that value will be available for possible payment in cryptocurrencies. Earlier this year Tesla also announced that it will accept payments in Bitcoin though the move was suspended for climate reasons.
$15 Million Diamond: Cryptos Meet Big Auction
The world’s largest auction house, Sotheby’s is hosting an auction for the rare diamond worth $10-15 million. The 101.38-carat diamond will be auctioned on the 9th of July in Hong Kong. The auction has made waves around crypto circles because it can be purchased with cryptocurrencies.Â
The Chairman of Sotheby’s Asia, Patty Wong, commented on the auction with high enthusiasm, “This is a truly symbolic moment. The most ancient and emblematic denominator of value can now, for the first time, be purchased using humanity’s newest universal currency.”Â
The rare diamond named Key 10138 is a pear-shaped, colourless 101.38 carat diamond with pre-sale estimates worth about $15 million.Â
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In May, Sotheby’s started accepting payments in cryptocurrencies with the auction of the artwork, “Love is in the Air” which sold for $12.9 at the Contemporary Art Evening Auction.Â
El-Salvador Adopt Bitcoin
On June 9th El Salvador became the first country to accept cryptocurrency as legal tender. The new law will come into effect on September 7th. Â
El Salvador had earlier approached the world bank for assistance on Bitcoin implementation, which was denied, but the nation still forged ahead with its plan. Hopefully, this will be the first of many nations to recognize Bitcoin as a legal tender.
On the Flipside
- Despite the mass adoption of cryptocurrencies by institutions, the market is still experiencing a bad run.Â
- The downward trend of the market will affect other auctions that may want to introduce crypto payments
- Rising issues from energy and environmental concerns, the Elon Musk Saga, and China‘s Bitcoin stance have played a part in the market downtrend.
What’s Next?
Bitcoin and other digital assets are making waves and ‘conquering’ new sectors. From Mark Cuban’s basketball outfit the Dallas Mavericks accepting Bitcoin and Doge as forms of payment, to Elon Musk’s Tesla following suit (even though it has been temporarily suspended), Bitcoin has been on the good end of the mass adoption.Â
Sotheby’s auction next month will witness a new push in the adoption of digital assets. We are likely to see digital assets become legal tenders in many countries as this auction will further strengthen the mass adoption of cryptocurrencies.
