Fractional ownership BitCar allowing people to park their crypto tokens

Fractional ownership BitCar allowing people to park their crypto tokens
Fractional ownership BitCar allowing people to park their crypto tokens

BitCoin has found his way into the real estate industry, with vendors prepared to take the currency, now its making waves in the automotive industry.

In a world first, the decentralized and revolutionary platform allows crypto space holders and traditional car enthusiasts to own and trade in exotic super cars in small fractions, with new BitCar tokens.

The cars include the likes of Lamborghini's, Ferrari's and Bugatti's.

The vehicles will be stored or displayed for up to 15 years to optimise their value.

Co-founded by Gov van Ek, Nuno Martins and John Bulich, BitCar believes that exotic cars serve the public well when exhibited in collections where the public can continuously enjoy them.

Perth's Peter Briggs, who at one point had 300 classic cars, is an advisor. 

Briggs, the colourful West Australian property developer and mining entrepreneur, owned the first Holden prototype to be made in Australia, which was listed in 2013 for $1 million. It cost around $15,000 in 1980.

BitCar aims to disrupts exotic car ownership from just the privileged few and opens the asset class up to include the general enthusiast. 

Automobiles are no longer considered as a mere mode of transportation, noted that according to AXA Art for the first eight months of 2017, 7,443 cars were sold at auction.

The annual sales for the past 12 months was 890m Euros with classic cars over the $1 million accounting for 40 per cent, of the market value.

Estimates for the total number of Ferrari’s made to date are 130,000, suggesting at an average price of $100,000 to $200,000, then the total Ferrari market stands at $13-26 billion.

"This is only one brand of targeted Exotics," Bitcoin notes.

The Sultan of Brunei, estimated to be worth $20 billion is said to have 6,800 Exotic cars, by far the largest collection in the world - including 452 Ferraris and 11 McLaren F1s. 

The BitCar tokens are intended to be traded on the decentralised Blockchain platform.

Historically, the value of collector cars and exotics have outstripped property prices and gold, making them a solid wealth creation vehicle.

The beauty of BitCar is that it links the value of tokens to the prices of real assets within the platform. It provides a relatively safe haven against the volatility of crypto markets.

The Perth-based BitCar has sought to raise up to $US25 million in an Initial Coin Offering (ICO) selling 250 million tokens that can be invested in “small fractions” of exotic supercars.

Linking physical assets to Blockchain tokens has been legally complex and is rapidly evolving, the site notes.

Over the past two years the team, including members from Ledger Assets Pty Ltd, a leading blockchain commercialization company in Australia, have established and developed the BitCar team, technology and skills needed to bring BitCar to launch. 

Of the total 500 million BITCAR tokens, 250 million will be sold in the ICO.

There are 95 million reserved for the team, founders and future employees, plus 40 million for the bounty campaign, early backers and external owners and a Growth Pool of 60 million for Platform growth, incentivisation, user acquisition and partnerships. The remaining 55 million are allocated for the Company token reserve. 

For more information on BitCar click here.

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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