Mandela’s Golden Hand Casts Sold for $10m in Bitcoin
Nelson Mandela’s Gold Cast Hands Sold for $10M in Bitcoin
The golden hand casts of anti-apartheid revolutionist and first black South Africa’s President, Nelson Rolihlahla Mandela was sold for $10M in Bitcoin at the PDAC 2018 conference.
Nelson Mandela (AFP)
Canadian crypto-currency exchange firm Arbitrade bought four casts of the political leader from a South African businessman Malcolm Duncan and payment made in Bitcoin.
This is the first time artifacts of the anti-apartheid leader are sold in Bitcoin.
Mandela was born to the royal family of Thembu on 18 July 1918 and died of respiratory infection on 5 December 2013 at the age of 95.
During the struggle for the emancipation of black South Africans from white minority rule, Mr. Mandela was jailed for 27 years.
Mandela spent 18 out of 27 years in Robben Island Prison
Mandela was released in 1990, and served as President of South Africa from 1994 – 1999.
Mandela’s golden hand casts was sold to Mr. Duncan for $31, 000 by mining group Harmony Gold in 2002.
Duncan who now resides in Calgary, Canada paid the $31, 000 to Harmony Gold and half of the amount was meant to go to charity.
The casts which is made of pure gold weigh approximately 20lb (9.9kg) and include Mr. Mandela’s hand, palm and fist. They are part of a collection meant to mark the years the former president spent in prison on Robben Island, South Africa.
According to Mr. Duncan, the artifacts are believed to be the only ones left in the world. The other sets of the collection were ordered to be destroyed by Mr. Mandela.
The payment is to be made in installments.
Arbitrade made initial bitcoin deposit to Mr. Duncan that has been converted to $50,000.
The rest is expected to be paid in quarterly installments of at least $2m according to a Arbitrade.
Mr. Duncan said “They take possession when I have the dollar amount in the bank. At two-and-a-quarter million at a time, they take one hand at a time”.
Arbitrade first announced their intention to buy the Mandela Golden Hand Collections on 16 March 2018 at PDAC 2018 conference.
Arbitrade recently entered into agreement with Coin Miner LLC in preparation of the firm’s plan to mine its own crypto-currencies and trade other alternative coins.
The company will back all its virtual currency with a percentage of physical metal, such as gold according to company chairman, Mel Schuzman.
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