Sotheby’s Hinted to Accept Cryptocurrencies for Selling Ancient Diamond

Finally, cryptocurrency will occupy the jewelry market as Sotheby’s for the first time in its history decided to accept cryptocurrencies for rear pear-shaped diamonds. This will be selling for $15m (£10.9m) during an auction next month. The public announcement for this was made by Sotheby’s auction house. Prior to this, no other stone of such value has been offered for sale where cryptocurrencies are involved.

This diamond holds integral importance in the world of cryptocurrencies. The pear-shaped diamond, weighing 101.38 carats, is claimed to be one of just ten diamonds weighing over 100 carats. Pati Wong, the chairperson of Sotheby’s Asia described it as “truly a historic moment.”

One of the world’s ancient and symbolic denominator of value is now, up for the grab, can be owned with the world’s newest form of universal currency, its really a defining moment she explained her thoughts on the matter. Previously in the month of May, Sotheby’s, a world’s renowned auction housed, had sold a Banksy: an ancient physical art for $12.9m (£9.3m) million, with cryptocurrency.

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This news has spread like a storm and cryptocurrency investors and traders cherished this news; it is surely a relief for the cryptocurrency market which has witnessed such an uncertain time. The last few months have witnessed a drastic fall in cryptocurrency prices due to regulations passed by Chinese authorities.  The prices of Bitcoin and Dogecoin have decreased sharply in the wake of this news. In the first week of May, approximately $200 billion (£144.7 billion) was erased from the cryptocurrency market.

Back in the month of April, the Indian central bank had moved many investors worried, when the bank gossiped about the Government of India’s bill regarding the mining of cryptocurrency.

After all these troublesome news and issues, Sotheby’s announcement to accept cryptocurrencies in exchange for one of the world’s ancient diamonds is a big relief for cryptocurrency traders. However, there have been some other positive developments for investors in the cryptocurrency industry. For example, El Salvador earlier this month officially has become the first country ever to announce that it will accept Bitcoin as a legal tender.