Chinese millionaire buys four F1 cars with cryptocurrency

The Chinese millionaire Litecoin bought four Formula 1 cars worth about £ 4 million, using the crypto currency.

Chinese millionaire bought Sauber C30 using Litecoin
According to reports by Bitcoin News, the sale includes the Sauber C30, which is managed by Ferrari during the 2011 F1 season. The cars driven by Serco Perez and Kamui Kobayashi were included in the sale.

The purchase was directed by the galleries owner Eleesa Dadiani through London-based Heritage F1 franchise.

Dadiani's London gallery allows buyers to purchase products using "many different crypto currencies, including Bitcoin, Ethereum, Litecoin, Ripple and Dash".

While Bitcoin millionaires are using their digital currency to buy a supercharged super car, the site says the sale of the first car will be completed with the Litecoin of F1 sales.

Heritage F1 owner Mike O'Connor said the sale could be "the first sale that could come after a majority" due to "an increase in demand for the purchase of luxury assets in crypt money".

According to Fortune, Litecoin, which has faster processing times than Bitcoin, is now the "fourth largest" digital currency on the market.

The website says that Litecoin, now around 240 euros, has gained 7,291% since the beginning of 2017.