BitCar is the tokenization of exotic cars or as they put it in their whitepaper, “The Fractional Ownership of Exotic Cars.” The project actively implies but does not claim (likely for legal reasons) that backed cryptocurrencies may provide less volatility in the ever-moving market.
Is it Viable?
In my opinion, I would say that it is viable with some minor deficiencies which BitCar addresses. In regards to depreciating value and long-term holding of cars that may not retain value, Bit Car resolves this by liquidating some exotic cars using a voting and holding period. I truly believe there was a missed opportunity to call the holding period a hodling period.
Am I buying?
Yes, I think that exotic cars backing a token seem like a cool idea. However, I am probably biased from all of the Lambo tweets I see a day. Overall, cryptocurrency backed by something maybe a dangerous concept due to the risks of centralization. I think that this token may have a decent future.
LBTC and its associates are not financial advisers; please do not take anything from our site as financial advice. Make your own decisions and #DYOR.