Thursday, 27 February 2020

Yours for just four Bitcoins! Tinnakill House to sell colt via cryptocurrency

In a traditional industry that conducts much of its business in the archaic currency of guineas, one innovative Irish stud is looking to the future by offering a horse for sale by asking for Bitcoins.
The digital cryptocurrency has been in the news in 2017 as its value has soared, with one Bitcoin worth below $1,000 in January but soaring to above $20,000 in November.

The current value of a Bitcoin stands at around $13,000 - that is £9,700 or €11,000.

Now, Dermot Cantillon and Meta Osborne's Tinnakill House Stud in County Laois, which has produced Group 1 winners Alexander Goldrun, Casamento and Red Evie, is offering a horse for sale for four Bitcoins or the nearest acceptable offer.

The horse in question is a 2016-born son of Dalakhani out of the Grade 1-placed mare Housa Dancer, already the dam of Group winners Bushman and Grand Vent.

He is being sold under the strapline "Buy your own piece of history - buy the first ever Bitcoin horse" and is available for inspection.

"It’s a bit of fun to see if we can find a Bitcoin-based buyer from a tweet," said the stud's Jack Cantillon, son of Dermot and Meta.

"The horse has got a big pedigree and there's a lot of improvement in him like any Dalakhani. I wouldn’t be surprised if we can get a deal done at the level we’ve pitched him at. We’d want a quick sale - four Bitcoins could be the equivalent of a fiver or five million next week."

"Receiving the four bitcoins would be like breeding a mare to a stallion with its first runners in 2018. Bitcoin might take off even further after strong showings at the 'crypto yearlings' sales of 2017.

"However, I’m fully aware it probably won’t and we will be stuck this time next year scratching our heads asking ourselves what were we thinking. We’ve been there before in a different bloodstock guise so why not with a cryptocurrency! The best case scenario for the four Bicoins? We’d love to buy the second horse via Bitcoin after selling the first one."

Although Cantillon acknowledges the first Bitcoin horse trade is an amusing diversion, he says the rise of the cryptocurrency could have serious implications for the industry in the future.

"No matter what's in store for Bitcoin, Blockchain - the technology behind Bitcoin - has the potential to utterly change racing," he added. "It can remove the need for currency exchange, the risk of non-payment for auction houses and has applications in horse security and biological passports.

"Will the adoption of Bitcoin as the cryptocurrency of choice be part of that potential Blockchain future? Who knows, but we thought over the Christmas period it would be good to get a front row seat."

Bitcoin owners can direct enquiries for the Dalakhani colt to Tinnakill House Stud manager Ian Thompson on +353 (0) 86 170 5711.

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