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The New Sotheby’s of Bitcoins

May 10, 2013 at 1:46 by Nicholas Gager

Sotheby’s is the renowned trader of luxury items known for trading selling expensive items like diamonds, real estate and unique artworks. Many items sold in Sotheby’s reach values upwards of $100,000; they do not however allow payment using Bitcoins and that is where BitPremier comes in.

BitPremier is a new start up Barry Silbert and will be run by his brother Alan Silbert. The new trader is currently in its start up phase selling only six items at the moment with the most expensive item selling for nearly $2,000,000 in its Bitcoins equivalent of course, the potential the trader has however is enormous.

The current problem that is most prevalent with the usage of Bitcoins is finding places to spend your Bitcoins. It is this kind of a start up that is needed to diversify and expand the number of merchants accepting Bitcoins as payment. Investments like the starting of a business based on Bitcoins are what will be needed for the commodity to grow and stabilize in value; currently there is a large user base that is willing to spend their Bitcoins but they have nowhere to spend them and large scale investments like this are needed to convince smaller business that there is an opportunity for success in Bitcoins.

According to Mt.Gox as of 8:44 CST the average weighted value of the Bitcoin is at $111.85 having hit a daily low of $108.80.

If you have any questions and comments on the commodities today, use the form below to reply.

 

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