| You wrote: <<internet searches will disprove your idea that companies don't want to hold crypto - there's been massive buy in from very significant companies. Eg Sotheby's>> I looked into this claim, and I disagree. Google search for <<sotheby's cryptocurrency>>. The first two results for me were: https://www.sothebys.com/en/articles/cryptocurrency-payment-... https://www.sothebys.com/en/buy-sell/cryptocurrency-faq They are allowing partial cryptocurrency payment for a single Banksy painting. From the FAQ: <<
Which part of the transaction is payable in cryptocurrency? Sotheby's will accept cryptocurrency for the hammer price of the lot. The buyer’s premium and overhead premium, as well as any taxes, must be paid in USD.
>> Sotheby's is simply facilitating the transaction as an auction house. They have zero exposure to cryptocurrency. I assume the cryptocurrency will be transferred to the seller after the auction is paid-in-full. The buyer must pay all non-hammer-price costs in USD to Sotheby's. (As I understand, these fees can be significant.) Like some other posts mentioned, the seller could agree to receive seashells instead of cryptocurrency. All said, this seems like a very good publicity stunt by Sotheby's. |