Classified Ads Site in South Africa Reports Increase in High-Ticket Bitcoin Listings

Online classifieds and community website, Gumtree South Africa, has reported a significant increase in the number of listings posted specifically asking to trade items for bitcoin. In particular, the website reports a proliferation in the number of listings for luxury vehicles that are asking for bitcoin as payment.

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Gumtree South Africa Reports Significant Increase in Luxury Items Listed in Exchange for Bitcoins

The head of marketing for Gumtree South Africa, Claire Cobbledick, has attested to the proliferation of listings requesting payment in the form of bitcoin on the peer-to-peer online marketplace. Mrs. Cobbledick told local media that “There’s been an increase in swaps and Bitcoin-only sales on Gumtree.co.za.”

Mrs. Cobbledick stated that the majority of the listings are for highly valuable “high-value items like cars, bikes, and boats.” She attributes the trend to that the allure of the astonishing gains witnessed by bitcoin in recent months, stating that “Many sellers are willing to take a gamble with their assets in hopes of a large payout.” Mrs. Cobbledick adds that “Bitcoin is a volatile currency, so while you could easily see a 50% increase in your investment, you could just as easily end up with nothing.”

At present, local media reports that a number of high-end vehicles are listed on the South African gumtree website in exchange for bitcoin, including “a Land Rover Defender, BMW X5, and a 1970 Mercury Cougar V8.” Mrs. Cobbledick states that “There are also sellers accepting Bitcoin in exchange for Krugerrands” – coins made out of a copper gold-alloy that were introduced in South Africa in 1967 as a vehicle for the private ownership of gold.

Bitcoin-Only Listings for Luxury Car Sales Increases Globally

The number of high ticket items being listed in exchange for bitcoin has dramatically increased in recent years. Currently, Spendbitcoins.com lists 28 car dealerships worldwide that accept payments in bitcoin – including those specializing in luxury brands such as Land Rover and Lamborghini.

Outside of vehicles, 2017 witnessed a significant proliferation in the number of real estate listings requesting bitcoin as a means of payments – however, many of said listings appear to have motivated by marketing considerations following the increased media coverage surrounding all things bitcoin last year, as very few of the property listing requesting bitcoin appearing to have been finalized using cryptocurrencies.

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