Businessman buys four F1 cars with Litecoin

A Chinese businessman has utilised the cryptocurrency Litecoin to purchase four former F1 cars for a total fee in the region of £4m. Details of which cars remain relatively unknown but it is thought that the Ferrari-powered Sauber C30 from the 2011 season is one of them.

Cryptocurrency has experienced a massive increase in exposure over the last few months as the most prominent version, Bitcoin, increased in price exponentially, reaching an all-time high at the beginning of December.

There are numerous other iterations of the online mechanism, one of which is Litecoin, the currency of choice for this unnamed investor, and it is thought to be the first purchase of its kind using Litecoin, though Bitcoin has been used in the trade of vehicles for some time.

London-based firm Heritage F1 brokered the deal, with owner Mike O'Connor saying that the deal was 'the first of many to come' due to 'increasing demand for the purchase of luxury assets in cryptocurrency.'

The Sauber C30 which has been rumoured to be part of the purchase was driven in the 2011 season by the duo of Sergio Perez and Kamui Kobayashi.