The winner spends a fortune in cryptocurrency on a diamond auction at Sotheby’s


Sotheby‘s just sold a huge diamond for a large sum of cryptocurrency.

Sotheby‘s placed a 101.38-carat diamond up for auction, and it sold for more than $10 million in cryptocurrency on July 9.

According to MarketWatch, the diamond sold for $12.3 million to an unnamed bidder at Sotheby‘s Hong Kong last Friday. MarketWatch said, “It’s the most expensive gem ever purchased with cryptocurrency, according to Sotheby’s.”

The auction for the crypto-friendly diamond was announced in the second part of June, with estimations predicting that the diamond would sell for around $15 million. The diamond’s moniker, “The Key 10138,” is said to be a reference to crypto jargon. (Private keys enable each crypto owner access to their assets.)

In the crypto business, anonymity and pseudonymity are prevalent. For example, Crypto traders and social media influencers frequently use pseudonymous Twitter accounts to make comments. Even Satoshi Nakamoto, the pseudonymous inventor (or creators) of Bitcoin (BTC), the commodity that launched the whole crypto sector, remained anonymous.

The diamond auction produced an anonymous bidder who paid in crypto, which is suitable for the crypto business. However, according to MarketWatch, the auction results did not reveal which digital asset the buyer used as payment. Buyers have the option of betting their diamond bids in Bitcoin, Ethereum (ETH), or regional currencies (fiat).

Bitcoin’s price ranged between $32,670 and $34,170 on July 9. On that day, the cost of Ethereum fluctuated between $2,070 and $2,180. The buyer would have paid roughly 372 BTC for the diamond for $33,000 per Bitcoin. The rock would have cost around 5,857 ETH if paid in ETH, assuming a $2,100 pricing per ETH coin. However, because the exact totals were not disclosed, the above serves only as a logical baseline of possibility based on price action on July 9.


Please enter your comment!
Please enter your name here