A lavish gold Rolls-Royce has gone on sale – but there’s a catch in that the seller will only accept payment in Bitcoin.
The asking price of the Rolls-Royce, which comes with complete with an in-built fridge and champagne flutes, is the equivalent of £117,995 and it’s the first car to ever be listed on Autotrader with payment solely in Bitcoin.
And while that may seem steep, the meteoric rise in the value of Bitcoin means someone would have had to have bought just £11,800 worth at the beginning of the year to be able to afford to buy the gold Roll-Royce today.
This gold Rolls-Royce Ghost is for sale on Auto Trader with a listing price of £117,995, but that has to be paid in Bitcoin
The so-called cryptocurrency has surged in value in recent weeks, breaking through $11,000 today, an increase of more than 1,000 per cent from the start of the year.
Bitcoin only broke through the $10,000 mark for the first time yesterday.
Some early buyers of Bitcoin are currently sitting on huge fortunes, even if they only bought small sums, leaving them well able to splash out on a Rolls-Royce.
This Roller, is a 2010 four-door Ghost model with 35,000 miles on the clock and a 6.6 litre engine that produces 563bhp. That’s enough to power the car and its occupants to 60mph in 4.7 seconds in a blur of gold-plated luxury.
The top speed – on tracks and countries where permitted – is limited to 155mph.
And if a gold Rolls-Royce with a fridge and Freeview TV inside isn’t quite flash enough for you, the numberplate GO07DEN (spelling Golden) is up for sale alongside the car for an extra £8,000.
The Rolls-Royce Ghost can reach 60mph in 4.7 seconds and hit a top speed of 155mph
The owner of the vehicle, who is based in Oldham, Greater Manchester, told Auto Trader: ‘Why not trade in Bitcoin? I treat it in exactly the same way as normal currency these days.
‘It’s safe, convenient and incredibly valuable right now so, to me, it makes sense to trade my car this way. It’s the future.’
If the seller is successful they will have to decide whether to cash in on the value of the car by selling their bitcoin now, or wait and see if the cryptocurrency continues to rocket in value – thus delivering a bumper profit.
A new Rolls-Royce Ghost would set you back about £230,000, so the seller would need to see Bitcoin double in value again in order to use the cryptocurrency to trade up from second hand to brand new.
Why not trade in Bitcoin? I treat it in exactly the same way as normal currency these days
That sounds like a tall order, but Bitcoin has doubled in value in the past seven weeks alone.
Auto Trader editorial director, Erin Baker, said: With the meteoric rise in popularity and value of Bitcoin in recent years, it comes as no surprise that sellers are now attempting to trade this way, it’s a huge trend and currently holds a high value.
‘That said, Auto Trader won’t be releasing a ‘search by Bitcoin’ function anytime soon. Our focus is very much on our ‘search by monthly payment’ product that launches next month for car buyers.’
The price of Bitcoin has rocketed by 1,000 per cent this year
A Rolls-Royce Ghost costs around £230,000 brand new and this 2010 car has 35,000 miles on the clock
Inside, the Ghost is a feats of wood and leather lined luxury and even has a fridge and TV
The astonishing rise of Bitcoin this year has brought a string of warnings from the financial world that it is in a bubble that is likely to burst.
Thousands of amateur traders are now piling in and betting on bitcoin, while start-up companies are using cryptocurrencies to raise money.
In October, JP Morgan boss Jamie Dimon branded people who buy Bitcoin ‘stupid’ and called it a ‘fraud.’
Watchdogs across the world have warned there could be a sudden massive crash if the market turns. The market is unregulated in Britain, and the Financial Conduct Authority does not even hold figures on how many are trading.
The numberplate GO07DEN, spelling Golden, is available for another £8,000
However, International Monetary Fund boss Christine Lagarde conceded that cryptocurrencies like Bitcoin could be a useful tool in the future financial system.
She said virtual currencies could be ‘easier and safer’ to hold than paper bills in remote regions, or countries with unstable national currencies or ‘weak institutions.’
Economist Nouriel Roubini, who predicted the financial crisis, has described the fad for online currency as a ‘giant speculative bubble’ which is bound to end in disaster.
He said: ‘This is neither a serious method of payment nor a good way to store capital. The Bitcoin feeds on itself. ‘There are no fundamental reasons for its price to reach such levels.’
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