Bitcoin has been used to buy many different objects and services, in many different places. Other cryptocurrencies were used as well. For example, a Chinese investor bought an F1 fleet paying £4 million (66.9m ZAR) in Litecoin. At the end of March, a businessman in Canada was able to find a buyer for Nelson Mandela’s gold hands. Ten million dollars (119.3m ZAR) were paid in Bitcoin to perform the transaction.
Nelson Mandela’s Gold Hands Sold… for Bitcoin!
The Canadian cryptocurrency exchange known as Arbitrade, bought four casts from the South African businessman Malcolm Duncan. The main intention of the company is to launch a global “Golden hands of Nelson Mandela” tour to educate young people about the anti-apartheid figure’s life.
According to the BBC, this is the first time that any kind of Mandela’s objects has been sold for Bitcoins. Mr. Duncan now lives in Canada and bought the casts from harmony Gold in 2002. At that moment, he paid $31,000 (370,866 ZAR) According to Bloomberg, Harmony said that it has supplied Mr. Duncan with the necessary paperwork that verifies the provenance as requested by the attorneys. Besides that, he denied commenting what happened with the donation.
The casts weigh over 9kg and include Mandela’s hand, palm, and fist. The collection was created to remember the years in which the former president spent in prison for fighting the white minority rule in South Africa. Once he was released from prison, several pieces of art with his name on them started to flood the market. Unfortunately, various scandals, including “allegations of forgery,” stopped the deluge.
Mandela himself gave the order to destroy some of the works that were circulating, and the subject remains a touchy one in South Africa. Duncan believes that he is the owner of the only four surviving casts of Mandela’s hand, palm, and fist.
Duncan has been paid with a bitcoin deposit that has been converted to $50,000 dollars (600,000 ZAR). The other part of the money will be delivered in quarterly installments that will be valued at at least $2 million (23.9m ZAR) per extremity. The payments will start to take place starting on April the 30th.
“They take possession when I have the dollar amount in the bank,” commented Duncan. He has also insisted that Arbitrade will guarantee the value in U.S. dollars. At the same time, the Canadian company will also handle the conversion. “At two-and-a-quarter million at a time, they take one hand at a time.”
Arbitrade will launch an initial coin offering (ICO) and is planning to mine its own cryptocurrencies. Additionally, it is planning to trade others. Mr. Len Schutzman, the company’s chairman, explained that he will back all its virtual currency with a percentage of physical metal, i.e., gold or silver.
Nelson Mandela was a revolutionary and anti-apartheid leader that was President of South Africa and was the first black head of state and the first elected in a democratic election. He died in December 2013 and it is a very important figure for South Africans and for people all over the world.