Bitcoin is used as a means of payment to buy gold castings of South African political leader, Nelson Mandela. This could be one of the rare things to happen as the Canadian businessman, Malcolm Duncan, who was also a former South African, was trying to sell a collection of art in the last more than a decade. The value of the transaction was ten million dollars. Despite different opinions on accepting bitcoin as a means of payment, transactions are still happening.
As of now, Bloomberg reported that there was limited information on Ontario-based cryptocurrency firm, Arbitrade. However, its chairman Len Schutzman disclosed things would change without explaining the time-frame for it. The company is yet to come out with its initial coin offering though it could happen anytime in the upcoming weeks. In any case, the firm is establishing a facility in Waterloo, Ontario, with the objective of mining its own digital currencies. The company expressed its desire to trade others too.
One of the key points disclosed by Arbitrade chairman was that it would support every digital coin with some percentage of physical metal. This included gold. That would mean that Mandela’s solid gold hand would not have any issue in fitting the bill despite the general requiring either gold bars or coins and not just art alone.
Incidentally, the art is reportedly weighed about 20 pounds and the gold value is only a fraction of the artifacts’ buying price. However, the real motive behind the acquisition of the art is publicity as it wants to educate millennials on Mandela. For its part, Arbitrade would use “Golden Hands of Nelson Mandela” to cover its plan of launch.
None-the-less, the latest was not the first of “Mandela Art” that proved to be a tricky one for both buyers and sellers. Following the release of Mandela from the jail, thousands of art pieces having the South African political leader name flooded the market. As a result, there were also scandals and allegations of forgery thus resulting in drawing a curtain to the overflow.
Reports suggested that several works were destroyed under orders from Mandela and the subject is still sensitive to the South Africans. However, Duncan disclosed that he owned the only four remaining casts of the political leader’s hand, palm, and fist that was “tucked into bespoke imbuia wood boxes.” Bloomberg quoted Duncan as saying “He cut his thumb quite badly on Robben Island, his right thumb, and you can see it.”
Until now, bitcoin deposit worth $50,000 was paid to Duncan by Arbitrade with the balance to be delivered in four quarterly installments of minimum $2 million per extremity. It would start from this Friday. Duncan indicated that the buyer could take possession once he has been paid the American currency in the bank. During the conversion, he was quite clear that the payment should be in Greenback. The agreement could be termed as Arbitrade taking the position of one hand at a time after they make $2.5 million payment.