Cryptocurrencies may be in a bear market, but this hasn’t affected their adoption. Companies and influential personalities are increasingly accepting crypto as payments.
Yesterday, the world’s largest auction house, Sotheby, announced that it would auction a 101.38-carat diamond and that it would accept cryptocurrencies as payments. This is a big deal, considering the diamond in question is estimated to be worth anywhere between $10 million and $15 million.
Commenting on the move to accept crypto, Sotheby’s Asia Chairman Patti Wong said that this was a historic moment for the auction house. He said that one of the world’s biggest value denominators was being exchanged for humanity’s latest universal money for the first time in human history.
However, this is not the first time that this auction house is taking payments in crypto. Last month, it sold a $12.9 million piece of art in crypto. The payment was completed through Coinbase.
Sotheby has stated that it will take Bitcoin and Ethereum alongside fiat currencies regarding the upcoming diamond auction. The auction house has emphasized the historic nature of this upcoming sale due to the uniqueness of the diamond in question. The diamond is large and very unique compared to other diamonds that it has sold in the past. Less than a hundred other diamonds like it have ever been sold.
The adoption of cryptocurrencies is growing in many other high-value industries too. Recently, a penthouse in Miami was sold in crypto. The same has taken place in Europe, where high-value homes have been sold in crypto.
