Bitcoin Goes Under the Hammer in Italy: Auctions and Crypto
More niche markets are opening up to Bitcoin as a form of payment, including an Italian auction house
An Italian auction house based in Rome has opened up to the world of cryptocurrencies, blending the old with the new, as it will allow its patons to settle their payments in Bitcoin.
While mass adoption has been slow for Bitcoin and other related digital currencies, there have been more and more precedent-busting niche adoptions, such as this world first.
A favourite of the art world
The world of luxury and fine art have long been firm friends of Bitcoin. There was Cointemprorary, a gallery that was the first of its kind to offer unique art pieces solely for Bitcoin.
Then, more recently, a fine art gallery in Mayfair, London, opened its doors on Bitcoin, allowing art to be bought with the digital currency.
Now, Sant'Agostino will allow patriots of its auction to settle up in Bitcoin, opening up a world of furniture, jewelry, watches, as well as paintings to those with a few extra Bitcoin to spare.
The first sale that the auction house opens to Bitcoin bidders is expected to have 600 Italian and foreign design objects, mostly pieces of furniture.
There has not been much fanfare made of the Auction house’s decision to embrace this new form of monetary technology, they simply said in a statement: “Bitcoins will be accepted as payment" for the upcoming sale.
Use as a currency
While debate continues to rage as to what Bitcoin is - a store of value, or a functioning currency - it’s decisions like that of the Italian auction house that legitimizes the digital currency for its core use.
As its value rockets, however, there’s more interest for investors rather than consumers in the likes of Bitcoin, as it continues to break new boundaries in its value.
However, it is also this astronomical growth that would be fueling early adopter's wallets, and allowing them to enter into auctions for luxury goods.
Depending on where people stand on Bitcoin's use will continue to shape how it is utilized, and also determine if there is a demand for more adoption from retailers and the like.