Dubai: Did you know you could own ‘part(s)’ of Ferrari 056 V8 which Michael Schumacher drove in his final race? Not just that - from a vintage Mercedes to the latest Lamborghini, they are all just a click away on www.BitCar.io, the newly-launched trading platform in the UAE.
BitCar, similar to Bitcoin, is a block chain platform that allows investors to pledge their money on exotic cars. “Investors who already have Bitcoins can convert the investment into a BitCar on our platform. Depending on the worth of your investment you can own a part of the car - five per cent or 50 per cent. It’s still cryptocurrency but it’s attached to a tangible asset,” said Gov Van Ek, co-founder of Singapore based BitCar. Once a car has been pledged to an investor, it cannot be bought or used by anyone else, according to Ek.
Investors can park their money in one car, or several cars available on the website.
BitCar has collaborated with several car dealers in Dubai to ensure a wide range of cars are available. “Dubai is a perfect destination for such an investment. Everyone loves luxury cars here,” said Ek.
According to Ek, the value of vintage and exotic cars is always on the rise. “A 2006 McLaren that was worth $1.1 million, is currently trading at $14.5 million. That’s a 92 per cent return in 11 years,” he said, adding that returns on investments average between 15 and 20 per cent annually.