A London art gallery will soon accept bitcoin and other cryptocurrencies as payment

 
Courtney Goldsmith
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Bitcoin will be accepted as payment at the gallery's new exhibit, which features sculptures made from Formula One cars
Bitcoin will be accepted as payment at the gallery's new exhibit, which features sculptures made from Formula One cars (Source: Dadiani Fine Art)

In a UK first, a London art gallery will soon accept bitcoin and other cryptocurrencies as payment for works of art.

Dadiani Fine Art, a gallery in Mayfair, will take any of the six leading digital currencies, including bitcoin, ethereum, litecoin and others.

“We are combining old world business ethics and practice with the new world of technology – the current system is becoming stale and needs to be disrupted," said Eleesa Dadiani, the gallery's owner, who is leading the charge.

"Cryptocurrencies will provide a bridge from the elitist, centralist fine art market to a decentralised open source world where many more will be able to become a part of this exhilarating market."

Dadiani said this could be a turning point for the cryptocurrency market, which has been sidelined by traditional businesses, like art galleries, for many years.

It will also open the market to a new type of buyer, she said.

Bitcoin and other cryptocurrencies will be accepted at Dadiani Fine Art's new exhibition, which opens on 14 July. The sculptures, which will be made from the exhausts of Formula One cars, are expected to sell for around £25,000 to £30,000.

Dadiani also plans to launch its own cryptocurrency in the near future, which will be called DadiCoin.

Read more: Bitcoin explained: What is it? Why did its price rise? What's next?