South Africans are selling their cars for Bitcoin

There has been a surge in South Africans selling high-value items for Bitcoin, according to Gumtree SA.

Gumtree stated that Bitcoin’s rise in value and adoption has seen more users “itching to get their hands on the digital currency”.

“There’s been an increase in swops and Bitcoin-only sales on Gumtree.co.za,” said Claire Cobbledick, Head of Core at Gumtree.

“This is particularly true for high-value items like cars, bikes, and boats. Many sellers are willing to take a gamble with their assets in hopes of a large payout.”

This behaviour follows similar trends in the US, where, in one example, a McLaren 720S was put up for sale in exchange for 25 Bitcoin.

Gumtree does not allow the sale of Bitcoin miners or services, but customers can exchange goods for Bitcoin on the site.

They must be aware of the risks, however, said Cobbledick.

“Bitcoin is a volatile currency, so while you could easily see a 50% increase in your investment, you could just as easily end up with nothing.”

Cars currently up for sale in exchange for Bitcoin include a Land Rover Defender, BMW X5, and a 1970 Mercury Cougar V8.

“There are also sellers accepting Bitcoin in exchange for Krugerrands,” she said.

Big growth

Blockchain expert Simon Dingle recently stated that there is potential for big Bitcoin growth in 2018, and for greater adoption.

“This year, the Lightning Network will be made publicly available, offering a decentralised, peer-to-peer payment protocol that makes Bitcoin viable for even very small transactions, without sacrificing its anti-fragility or openness,” said Dingle.

“This movement should kill the erroneous idea that Bitcoin is just a store of value or asset.”

Now read: The crazy and dangerous world of cryptocurrency

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South Africans are selling their cars for Bitcoin