Business Technology

Wednesday 20 June 2018

Stud farm horse for sale for four bitcoins

 

Tinnakill's Jack Cantillon said the horse has
Tinnakill's Jack Cantillon said the horse has "a big pedigree" and a "great attitude" and is "ready to go into training for anyone who wants to cash in their Bitcoin gains with racehorse ownership". Stock image: Bloomberg
Gavin McLoughlin

Gavin McLoughlin

Irish stud farm Tinnakill House has put a horse up for sale for four bitcoins.

The two-year old colt has attracted attention from Ireland, Britain, France and Australia since being put on the market.

The stud farm is touting it as the first horse ever to be sold via Bitcoin.

Tinnakill's Jack Cantillon said the horse has "a big pedigree" and a "great attitude" and is "ready to go into training for anyone who wants to cash in their Bitcoin gains with racehorse ownership".

On Friday Bitcoin was trading just above $10,000 apiece - making the horse worth around €32,500. At the cryptocurrency's peak in December - when it was trading at almost $19,000 each - the horse would have cost more than €60,000 at Friday's exchange rate to the dollar.

Tinnakill is owned by Dermot Cantillon and Meta Osborne - prominent figures in the horse racing community. Located in Co Laois, it has bred three Group 1 winners since its foundation in 2002.

Trading in Bitcoin has been extremely volatile amid fears of regulatory crackdowns on the digital currency. Austria's finance ministry is looking at the trading rules for gold and derivatives as the inspiration for drawing up regulations on cryptocurrencies for the EU.

The goal is to prevent Bitcoin and similar virtual currencies from facilitating money laundering and to bring trading platforms under the kind of oversight that already exists for financial instruments, Finance Minister Hartwig Loeger said.

Austria is the latest country pledging to tighten rules on a form of virtual money that's created without central banks, traded with little supervision and courses through the world with an anonymity that can let its owners evade taxes or take part in crimes. Legislation is needed both in Austria and the EU, Loeger said.

Participants in the Bitcoin market should be required to report trades exceeding €10,000 to the country's financial intelligence unit, similar to companies that handle large amounts of cash, gold or jewellery, Loeger said.

Additional reporting Bloomberg

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