A rare diamond will be auctioned for 455 bitcoins (£10 million) in the first cryptocurrency auction.
SOTHEBY’S has announced that bitcoin will be accepted as payment for a rare diamond likely to sell for more than £10 million.
Although regular money will still be accepted, this is the first time a perfect diamond will be offered for purchase using bitcoins.
Sotheby’s has announced the sale of The Key 10138, a D-flawless 101.38 carat pear-shaped diamond.
This will be the first time the auction house accepts cryptocurrencies as payment for a diamond.
The jewel is estimated to sell for $10 million to $15 million (£7 to £10 million), or 303 to 455 bitcoins.
This is the highest price ever paid in bitcoin for an object.
The Key 10138 is the second-largest pear-shaped diamond ever offered for sale.
It is a rare diamond since it belongs to Type IIa, a distinct subgroup that accounts for less than 2% of all gem diamonds.
According to Sotheby’s, the diamond’s name was picked to represent the past, present, and future.
Keys, like diamonds, have long been a symbol of power and the freedom that comes with it, according to the article.
On July 9, the gem will be sold in a single-lot live auction in Hong Kong.
According to Sotheby’s, the sale of the unique item comes at a time when demand for white diamonds, particularly of this quality, is high.
“This is a genuinely symbolic moment,” Yu Wenhao, deputy chairman of Sotheby’s Jewellery in Asia, remarked.
“For the first time, humanity’s newest worldwide money may be used to acquire the most ancient and symbolic denominator of worth.
“There has never been a better time to introduce a world-class diamond like this to the market.”
Tobias Kormind, a jeweller expert at 77 Diamonds, said the sale poses “ethical problems.”
“Diamonds have historically been the most easily transportable source of wealth.
“While accepting bitcoin for payment is a welcome development, there are some hazards associated with it, and it raises critical issues about ethical and sustainable business practices in the future,” he stated.
“As the world swings toward transparency, cryptocurrency allows for a shift in the other way.
“Paying in cryptocurrencies, for example, provides anonymity, making the source of the money trail untraceable.
“Has the cryptocurrency buyer obtained their wealth legally and paid taxes?
“However, luxury things can now be purchased using cryptocurrency.”Brinkwire Summary News”.