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$5 Mln Worth of Bitcoin Paid for New Art Collection

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    Lincoln Townley resists the rules of the traditional art market with his huge Bitcoin bet 

Cover image via 123rf.com
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British painter Lincoln Townley has sold his Greed collection that consists of 19 paintings for a whopping 490 BTC (around $4.9 mln at the time of writing), Evening Standard reports. His works are now owned by a Singaporean investor whose name hasn’t been disclosed.

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Townley’s love for Bitcoin

Townley has been keen on the orange coin ever since selling his Homage to Francis Bacon painting for 40 BTC back in 2017. He later made history by selling his entire collection for crypto via the WeChat messaging app. 

During an interview with Daily Express, Townley opined that artists should look for out-of-the-box ways to sell their works. In such a way, he skirts traditionally galleries and auction, showing other painters how they can take advantage of rapid technological advancement.

Considering that Townley might hold a Bitcoin fortune, it doesn’t come as a surprise that he expects its price to grow in the future.

I think there is a huge market for expansion, with it being something that is going to inflate in value.”

Energy of London was included in the recently sold collection  Caption: image by standard.co.uk
 image by standard.co.uk 

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Shaking up the art industry

The artist's intentions hold more meaning than simply standing out among others. With the help of his network of digital buyers, he wants to decentralize the $70 bln art industry. Just like crypto, it will eliminate unnecessary middlemen when conducting art transactions. 

Townley is not alone. As reported by U.Today, Blockchain turned out to be a hot topic during last year’s Miami Art Week. Numerous experts suggested that the tokenization of paintings would soon become pervasive in the industry.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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