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Bitcoin [BTC] billionaires looking to use cryptocurrencies in the real world

Anoushka Shrestha

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Bitcoin [BTC] billionaires looking to use cryptocurrencies in the real world
Source: Unsplash

Eleesa Dadiani, along with some other pioneers, has instituted platforms that accept cryptocurrency in exchange for luxury goods. Dadiani established her cryptocurrency-based fine art gallery in 2014. 

The gallery accepts Bitcoin, Ethereum, Ethereum Classic, Litecoin, Ripple, Dash, and NEM, making it the first of its kind. Dadiani Fine Art [DFA] also has its own coin – ART token. 

Last year, she set up United Kingdom’s first cryptocurrency brokerage. The platform allowed for all buyers to exchange their digital wealth for real-world assets inclusive of bloodstock, rare cars, bullion, gems, private jets, and yachts.

One example of a transaction recently made was a Chinese client buying four Formula 1 cars in the cryptocurrency Litecoin via Dadiani Syndicate, the world’s first special purpose company that turns digital wealth into real wealth. The four cars were valued at a total of 4 million Euros.

In addressing cryptocurrency being integrated into real life [for bitcoin billionaires specifically], Dadiani said:

“A couple of years ago, when we saw Bitcoin perform as well as it did, there was no way to use those coins. You were on screen, but what could you do with it? You could invest in ICOs, but what about something tangible? The answer was ‘Nothing’. So I had to create a structure of trust to allow people to cash in on their digital wealth.”

She went on to explain that through the gallery she established contacts with private jet owners [where there is a trust protocol already] and created a syndicate, a platform for clients and dealerships.

Dadiani believes that cryptocurrency is in need of a cognitive shift:

“People need to understand why cryptocurrency should be adopted wider, integrated into our existing way of life, for gradual change.”

Last year saw value many cryptocurrencies ascend greatly. Bitcoin’s price was at more than 1,300% even despite a 40% drop in December of last year. Ethereum too went up by 8,000%. According to reports, the value of cryptocurrencies has potential to reach $1 trillion by the end of this year.

Dadiani’s most recent move has been partnering with Maecenas Fine Art, a blockchain platform that allows investors to buy fractional interests in high-value works of art. What this essentially means is that anybody who owns cryptocurrency could own shares in an array of the world’s finest artworks.

In June this year, 49% ownership of ’14 Small Electric Chairs’ by Andy Warhol, a masterpiece valued north of $5 million, went on sale. The sale can be made in the form of digital certificates bought using Ethereum, Bitcoin, and ART token, the platform’s own cryptocurrency.

Dadiani’s clients vary from ages 20 to 70 years old. Speaking of her clients, she said:

“These people see an opportunity and take it. Cryptocurrency is just a game for them- it’s fun, not necessity; lives are not hinged on it. Some have claimed to totally unbend… but if so they must have fingers in many pies.”

Elizabeth White, an American crypto-broker, is another person with great trust in the digital currency. She went on to tell how ‘wild fluctuations’ can mean that sellers can lose their profits in minutes on a sale if the crypto market moves against the sellers. White stated:

“The sales that we see, outside of the ones we facilitate, are by sellers who are also investors in crypto and are willing to accept the volatility as they plan to hold for the long haul and don’t have any cost of goods or expenses.”

White spoke about her growing number of clients in Asia where there are many people that invested in Bitcoin in its early days and before the market boom in 2017 and are now looking for ways to invest their crypto wealth somewhere. 





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Anoushka is a full-time journalist at AMBCrypto, passionate about writing with a degree in B.A. Combined Humanities. She holds no value in cryptocurrencies currently.

Bitcoin

Bitcoin continues to scale new heights after Wasabi Wallet records first ever 100-person CoinJoin

Priya

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Bitcoin [BTC] rises in the market as cryptocurrency continues to mark new milestones
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Bitcoin [BTC], the largest cryptocurrency in the market, has successfully breached the $9000 mark, boosting the market sentiment. Notably, the digital currency was not the only coin to rise in the market as other coins such as Ethereum [ETH] also registered a significant rise in the market.

According to CoinMarketCap, at press time, Bitcoin was trading at $9181, with a market cap of $163.101 billion. The 24 hour trading volume of the cryptocurrency was recorded to be nearly $22.778 billion, with the coin recording a significant rise of over 17 percent in the past week.

Keeping the price surge aside, the coin has constantly been in the headlines with news pertaining to its development and new milestones. The coin was placed in the limelight of the cryptocurrency space after report by researchers at the Technical University of Munich [TUM]  claimed that Bitcoin’s carbon footprint was between 22 and 22.9 megatonnes/year, almost the same as that of Vienna or Las Vegas.

Further, the coin recently marked a new milestone after Bitcoin surpassed a million daily active addresses, with the last record on the same dating back to November 2017. Weiss Ratings heralded the same, tweeting,

“Bitcoin passed an interesting milestone – there are now over a million daily active addresses – an important metric that shows actual, unique transfers separate from the various direct transfers to and from bigger exchanges.”

Additionally, the coin was in the news again after Wasabi Wallet, an open-source non-custodial Bitcoin wallet, completed the first ever 100 participants CoinJoin, the largest CoinJoin transaction in terms of participants. Aviv Milner reported the same on Twitter,

“Huge Congratulations – @wasabiwallet just did the first ever 100 person CoinJoin, likely the largest in Bitcoin History. (link) A monumental achievement in Bitcoin privacy. Credit to the team @lontivero @molnardavid84 @nopara73 @dwuk86 @NicolasDorier and others!”

Days after this achievement, a Redditor highlighted that the largest CoinJoin transactions, in terms of inputs, was completed on June 17, 2019, with a total of 125 inputs. Golden Wiki describes CoinJoin as,

“A digital currency platform that enables multiple users to combine all inputs and outputs from different transactions into a single transaction. Privacy is achieved in a way that when a transaction is broadcast, it will not be possible to determine which Bitcoins went where.”





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